TBILISI

TBC Bank, Georgia’s biggest bank by assets, partnered with USAID to strengthen the South Caucasus country’s economic diversification and resilience.

The two sides signed an agreement aimed at supporting inclusive economic growth, market diversification, and generating high-value employment for all Georgians.

“This partnership is expected to mobilise $30 million in financing for micro, small, and medium enterprises with a priority on women-led and rural enterprises, generate over 1,200 high-value jobs, and support businesses to generate $6 million in sales,” USAID said in a press release.

“We stand ready to support Georgia, and Georgia’s private sector, to diversify the economy and strengthen its resilience,” Isobel Coleman, USAID Deputy Administrator, said.

TBC Bank raised its net profit to almost 809 million lari ($270 million) last year from 322.5 million lari as restrictions to curb the spread of the COVID-19 had been eased.

TBC Bank is one of Georgia’s two biggest commercial banks and is listed on the London Stock Exchange.

The bank’s net interest income amounted to 1.003 billion lari as of December 31, up from 835.4 million lari a year earlier, operating profit – 1.5 billion lari, up from 797.6 million lari, while operating expenses amounted to 545.8 million lari, up from 437.5 million lari.

TBC Bank’s total assets rose 8.6 percent year-on-year to 24.5 billion lari as of December. Total gross loans and advances to customers rose 12.2 percent year-on-year to 17.1 billion lari, total customer deposits rose 19.6 percent year-on-year to 15 billion lari. Total equity rose 25.8 percent to 3.7 billion lari. NPLs were 3.1 percent, down by 0.4 percentage points year-on-year.

Earlier this year, TBC Bank, Georgia’s biggest bank by assets, signed a loan agreement in the amount of $50 million with Proparco, the private sector financing arm of Agence Française de Développement Group, to finance investments and the working capital needs of Georgian small and medium-sized businesses (SMEs).

In November last year, TBC Bank issued $75 million additional Tier 1 capital Perpetual Subordinated Notes. The issue attracted solid demand from investors across the EU, the UK and the US, evidencing a strong investor appetite for TBC Bank’s credit story. The AT1 issue will allow TBC Bank to maintain an efficient capital structure and strong capital base to fund mid-term growth opportunities.