Recovery of Previously Written Off Provision

RNS Number : 8949S

TBC Bank Group PLC

28 December 2016

 

Recovery of Previously Written Off Provision Expense

TBC Bank Group PLC ("TBC PLC") announces that its subsidiary, JSC TBC Bank, has recorded the interest income and recovery of a provision expense of a previously written off amount in relation to a loan issued to one corporate client, in the total amount of USD 13.4 million. This amount will be accounted for in the fourth quarter 2016 consolidated profit and loss statement under the sections "interest income" and "provision for loan impairment" and will increase net profit by USD 13.4 million.

If you have any questions, please contact:

Head of Investor Relations

Anna Romelashvili 

[e-mail]

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 on 10 August 2016. TBC PLC is listed on the London Stock Exchange under the symbol TBCG.

About JSC TBC Bank ("TBC Bank")

TBC Bank, together with its subsidiaries, is the leading universal banking group in Georgia, with a total market share of 29.7% of loans (37.2% with Bank Republic) and 30.6% of non-banking deposits (35.5% with Bank Republic) as at 30 September 2016, according to the data published by the NBG.

 

END

 

 

MSCAKFDKABDDQBB