| TBC Bank Group PLC ("TBC PLC") Announces Full Year 2016 and 4Q 2016 IFRS Consolidated Unaudited Preliminary Results; Net Profit for 2016 up by 36.4% YoY to GEL 298.3 million The European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC to disclose that this announcement contains Inside Information, as defined in that Regulation Financial Highlights (including effect of Bank Republic acquisition) FY 2016 P&L Highlights Net Profit for 2016 up by 36.4% YoY to GEL 298.3 million Return on equity (ROE) amounted to 22.4% (20.6% without one-off effects) and Return on assets (ROA) to 3.9% (3.6% without one-off effects) Total operating income for 2016 up by 18.0% YoY to GEL 681.1 million Cost to income ratio stood at 45.8% (42.9% without one-off effects), compared to 43.9% in 2015 Cost of risk on loans stood at 1.0%, down by 0.7pp YoY Net interest margin (NIM) stood at 7.8% in 2016, unchanged from 2015 Balance Sheet Highlights 31 December 2016 Total assets reached GEL 10,769.0 million as of 31 December 2016, up by 55.3% YoY and up by 42.0% QoQ Gross loans and advances to customers increased to GEL 7,358.7 million as of 31 December 2016, up by 58.6% YoY and by 47.1% QoQ Net loans to deposits and IFI funding stood at 93.4% and Net Stable Funding Ratio (NSFR) stood at 108.4% NPLs stood at 3.5%, down by 1.3pp YoY and 1.1pp QoQ NPLs coverage stood at 88.4%, (221.4% with collateral), compared to 84.3% as of 30 September 2016 Total customer deposits stood at GEL 6,454.9 million as of 31 December 2016, up by 54.5% YoY and up by 40.5% QoQ Tier I and Total Capital Adequacy Ratios per Basel II/III stood at 10.4% and 14.2% respectively Tier I and Total Capital Adequacy Ratios per Basel I stood at 21.3% and 28.1% respectively 4Q 2016 P&L Highlights Net Profit for 4Q 2016 up by 31.6% YoY to GEL 88.0 million and up by 24.0% QoQ Return on equity (ROE) amounted to 24.2% (23.5% without one-off effects) and return on assets (ROA) to 3.7% (3.5% without one-off effects) Total operating income in 4Q 2016 up by 39.0% YoY and by 34.9% QoQ to GEL 218.3 million Cost to income ratio stood at 51.2% (47.0% without one-offs), compared to 49.3% in 4Q 2015 and 40.5% in 3Q 2016 Cost of risk on loans stood at 0.6%, up by 0.5pp YoY and down by 0.5pp QoQ Net interest margin (NIM) stood at 7.9%in 4Q 2016, compared to 8.3% in 3Q 2016 and 7.4% in 4Q 2015 Financial Highlights (excluding effect of Bank Republic acquisition) FY 2016 P&L Highlights Net Profit for 2016 up by 31.5% YoY to GEL 287.6 million Return on equity (ROE) amounted to 21.6% (19.7% without one-off effects) and Return on assets (ROA) to 3.9% (3.6% without one-off effects). Total operating income for 2016 up by 11.4% YoY to GEL 643.0 million Cost to income ratio stood at 46.1% (43.4% without one-off effects), compared to 43.9% in 2015. Cost of risk on loans stood at 0.8%, down by 0.9pp YoY. Net interest margin (NIM) stood at 7.9% in 2016, up by 0.1pp Balance Sheet Highlights 31 December 2016 Total assets reached GEL 9,212.5 million as of 31 December 2016, up by 32.8% YoY and up by 21.5% QoQ Gross loans and advances to customers increased to GEL 5,911.2 million as of 31 December 2016, up by 27.4% YoY and by 18.1% QoQ Net loans to deposits and IFI funding stood at 90.7% NPLs stood at 4.0%, down by 0.8pp YoY and down 0.6pp QoQ NPLs coverage stood at 90.5%, (216.8% with collateral), compared to 84.3% as of 30 September 2016. Total customer deposits stood at GEL 5,641.1 million as of 31 December 2016, up by 35.0% YoY and up by 22.8% QoQ 4Q 2016 P&L Highlights Net Profit for 4Q 2016 up by 15.6% YoY and up by 9.0% QoQ to GEL 77.4 million Return on equity (ROE) amounted to 21.4% (20.0% without one-off effects) and return on assets (ROA) to 3.7% (3.4% without one-off effects). Total operating income in 4Q 2016 up by 14.8% YoY and up by 11.4% QoQ to GEL 180.2 million Cost to income ratio stood at 53.5% (49.7% without one-offs), compared to 49.3% in 4Q 2015 and 40.5% in 3Q 2016 Cost of risk on loans stood at -0.1%, down by 0.3pp YoY and down by 1.2pp QoQ. Net interest margin (NIM) stood at 7.8%in 4Q 2016, compared to 8.3% in 3Q 2016 and 7.4% in 4Q 2015. Description of One-off Incomes and Expenses Incurred during 2016 Recovery of previously written off principal and interest (FY '16: GEL35.8 million; Q4: GEL35.8 million) Tax credit (FY '16: GEL17.9 million; Q4: GEL 0 million) Premium Listing costs (FY '16: GEL16.2 million; Q4: GEL0.3 million) Currency effect on provisions (FY '16: GEL9.6 million; Q4: GEL16.8 million) or w/o BR (FY '16: GEL8.7 million; Q4: GEL16.0 million) Gain on sale of investment securities (FY '16: GEL8.8 million; Q4: GEL 0 million) Bank Republic acquisition related consulting costs (FY'16: GEL8.0 million; Q4: GEL8.0 million) Interest income related to one large corporate customer (FY '16: GEL4.2 million; Q4: GEL 0 million) Interest expense related to prepayment of subordinated loans (FY'16: GEL2.5 million; Q4:GEL2.5 million) Staff redundancy provision (FY '16: GEL2.2 million; Q4: GEL 2.2 million) Impairment of intangible assets of Bank Republic (FY '16: GEL2.0 million; Q4: GEL2.0 million) Additional Information Disclosure The following materials in connection with TBC PLC's financial results are disclosed on our Investor Relations website on http://tbcbankgroup.com/ under Results Announcement section: 4Q and FY 2016 Results Report 4Q and FY 2016 Results Call Presentation For further enquiries, please contact: Head of Investor Relations Anna Romelashvili ir@tbcbank.com.ge About TBC PLC TBC PLC is a public limited company registered in England and Wales that was incorporated in February 2016. TBC PLC became the parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG. About TBC Bank TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 31.1% of loans (or 38.9% taking into account TBC Bank's holding in JSC Bank Republic and 33.0% of non-banking deposits (or 37.8% taking into account TBC Bank's holding in JSC Bank Republic) as at 31 December 2016, according to the data published by the National Bank of Georgia. |
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TBC Bank PLC : TBC Bank Group PLC ("TBC PLC") Announces Full Year 2016 and 4Q 2016 IFRS Consolidated Unaudited Preliminary Results; Net Profit for 2016 up by 36.4% YoY to GEL 298.3 million
| Source: TBC Bank PLC