Fitch Ratings Upgrades TBC Bank Credit Rating

TBC Bank Group PLC

09 May 2023

 

Fitch Ratings Upgrades TBC Bank Credit Rating TBC Bank Group PLC ("TBC PLC") is pleased to announce that on May 5, 2023 Fitch Ratings has upgraded the credit rating of its subsidiary, JSC TBC Bank ("TBC Bank"). The Bank's Long-Term Issuer Default Rating (IDR) has been increased to 'BB' from 'BB-', and Viability Rating (VR) to 'bb' from 'bb-'. The Outlook remains Stable. The rating action was driven by the Bank's strong performance through several economic cycles. TBC's sound business profile, strong profitability and high capitalisation have proved resilient and are particularly strong within the local regional context. CEO of the Group, Vakhtang Butskhrikidze, commented: "We are very pleased with the upgrade of TBC's credit ratings by Fitch. This rating action is a clear testimony of the bank's fundamental financial strength and risk profile, robust profitability, sound asset quality, and strong capital position "- commented Vakhtang Butskhrikidze, Chief Executive Officer of the Group. For further enquiries, please contact: Director of Investor Relations and International Media Andrew Keeley Or Head of Investor Relations Anna Romelashvili [e-mail] About TBC Bank Group PLC ("TBC PLC") TBC Bank Group PLC ("TBC PLC") is a public limited company registered in England and Wales. TBC PLC is the parent company of JSC TBC Bank ("TBC Bank") and a group of companies that principally operate in Georgia in the financial sector. TBC PLC also offers non-financial services via TNET, the largest digital ecosystem in Georgia. Since 2019, TBC PLC has expanded its operations into Uzbekistan by operating fast growing retail digital financial services in the country. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index. TBC Bank, together with its subsidiaries, is a leading universal banking group in Georgia, with a total market share of 39.5% of customer loans and 40.3% of customer deposits as of 31 December 2022, according to data published by the National Bank of Georgia. Contact Details: If you have any questions or if you need additional information please contact [e-mail] or visit our website www.tbcbankgroup.com If you no longer wish to receive press releases from TBC Bank, please click to confirm your cancellation Unsubscribe

 

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