JSC TBC Bank's revised outlook by Fitch

RNS Number : 1239U

TBC Bank Group PLC

31 March 2021

 

TBC Bank Group PLC announces the Bank's revised outlook by Fitch

TBC Bank Group PLC announces that on 31 March 2021, the international rating agency Fitch Ratings has revised the outlook of its major subsidiary, the Bank to "Stable" from "Negative", while affirming its Long-Term Issuer Default Rating (IDR) at   'BB-'.

The revision of the Outlook to Stable reflects reduced pressure on the Bank's credit profile from the health crisis and contraction of the Georgian economy.  Fitch Ratings expects that the Bank's pre-impairment profit will be sufficient to absorb any additional credit losses from the pandemic without jeopardizing its financial profile. The Bank has entered the crisis with healthy capital cushion and good performance metrics and Fitch believes the rating can tolerate further moderate deterioration of asset quality.

For further enquiries, please contact:

Director of International Media and Investor Relations

Zoltan Szalai

Or

Head of Investor Relations

Anna Romelashvili

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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 and other closely related fields. TBC PLC also recently expanded its operations in Uzbekistan. 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 39.0% of loans and 37.2% of non-banking deposits as of 31 December 2020, according to data published by the National Bank of Georgia.

 

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