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
(Thomson Reuters ONE) -
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(at)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.
Contact Details: If you have any questions or if you need additional information
please contact IR(at)tbcbank.com.ge or visit our website www.tbcbankgroup.com
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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TBC Bank PLC via GlobeNewswire
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Datum: 24.02.2017 - 02:24 Uhr
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