olivLaw · European equity research
TBC Bank Group PLC TBCG.L
United Kingdom · London Stock Exchange · ISIN GB00BYT18307 · Vertical: Listed companies from United Kingdom
TBC Bank Group PLC is a banking group operating in Georgia and Uzbekistan, building a digital financial services ecosystem. Group net profit fell in 2025 to GEL 1,308 mln as cost of risk rose in Uzbekistan, which makes its diversification strategy worth examining.
At the close of 05 Nov 2026, TBC Bank Group PLC (TBCG.L) stock was 47.72 GBP (−0.67% on the day), with beta 1.10, 52-week range 36.40–54.15 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 45.6
- neutral
- Bollinger (20, 2)
- 45.50 – 51.60
- in the lower half of the band · %B 0.36 · band width 12.6%
- SMA 50 / 200
- 50.26 / 46.75
- mixed trend
- MACD (12, 26, 9)
- -0.90 / -0.80
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.4% | −0.6% | −5.8 pp | — |
| 3 months | −2.4% | −4.2% | +1.8 pp | — |
| 6 months | +1.6% | +4.3% | −2.8 pp | — |
| Year to date | +17.5% | +7.5% | +10.0 pp | — |
| 1 year | +11.1% | +9.9% | +1.2 pp | +6.7% |
| 3 years | +71.0% | +49.8% | +21.2 pp | +24.8% |
| 5 years | +200.5% | +42.8% | +157.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 1.1 bn | 1.3 bn | 1.4 bn |
| Net income YoY | unavailable | +14.2% | +8.8% |
| Diluted EPS | 20,580.00 | 23,270.00 | 24,960.00 |
| Diluted EPS YoY | unavailable | +13.1% | +7.3% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | -1.6 bn | 848.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.4 bn GEL
- Financial debt
- unavailable GEL
- Net debt
- unavailable GEL
- Equity
- 6.3 bn GEL
- Total assets
- 43.9 bn GEL
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 23.1%
- ROA
- 3.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GEL)
Income statement · GEL
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Depreciation & amortisation | 116.0 m | 145.3 m | 168.4 m | esef· 09 Apr 2026verified |
| Pre-tax income | 1.3 bn | 1.5 bn | 1.7 bn | esef· 09 Apr 2026verified |
| Income tax | 193.9 m | 236.5 m | 252.9 m | esef· 09 Apr 2026verified |
| Net income | 1.1 bn | 1.3 bn | 1.4 bn | esef· 09 Apr 2026verified |
| Diluted EPS | 20,580.00 | 23,270.00 | 24,960.00 | esef· 09 Apr 2026verified |
| Dividend per share | 5,151.95 | 5,013.86 | 8,803.12 | esef· 09 Apr 2026derived |
Balance sheet · GEL
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.8 bn | 3.0 bn | 2.4 bn | esef· 09 Apr 2026verified |
| Property, plant & equipment, net | 513.3 m | 621.7 m | 735.5 m | esef· 09 Apr 2026verified |
| Goodwill | 60.0 m | 60.0 m | 79.3 m | esef· 09 Apr 2026verified |
| Intangibles (excl. goodwill) | 471.4 m | 589.1 m | 760.4 m | esef· 09 Apr 2026verified |
| Total assets | 33.0 bn | 40.2 bn | 43.9 bn | esef· 09 Apr 2026verified |
| Total liabilities | 28.1 bn | 34.4 bn | 37.6 bn | esef· 09 Apr 2026verified |
| Equity | 4.8 bn | 5.7 bn | 6.3 bn | esef· 09 Apr 2026verified |
| Shares outstanding at year end | 54.2 k | 54.9 k | 55.4 k | esef· 09 Apr 2026derived |
Cash flow · GEL
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 472.6 m | -1.4 bn | 995.7 m | esef· 09 Apr 2026verified |
| Capex | — | 151.1 m | 146.9 m | esef· 09 Apr 2026verified |
| Free cash flow | — | -1.6 bn ≈ | 848.8 m ≈ | esef· 09 Apr 2026derived |
| Investing cash flow | -617.4 m | -2.4 bn | -1.1 bn | esef· 09 Apr 2026verified |
| Financing cash flow | 82.7 m | 3.0 bn | -618.5 m | esef· 09 Apr 2026verified |
| Dividends paid | 279.3 m | 275.0 m | 487.6 m | esef· 09 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 60.7% | 44 (on a fixed band) | 60% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | 57.4% | 89 (on a fixed band) | 40% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial44/100 · 1/3 factors with a value
- Returns· partial89/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TBC BANK GROUP PLC (TBCG.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 23.8%.
The estimated value range is 191,005.33–320,968.86 GEL per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Payout ratio (FCF): 57.4%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for TBCG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
TBC Bank Group PLC is a banking group operating in Georgia and Uzbekistan, building a digital financial services ecosystem. Group net profit fell in 2025 to GEL 1,308 mln as cost of risk rose in Uzbekistan, which makes its diversification strategy worth examining.
SWOT
Strengths
- The group has high return on equity and a solid net interest margin, supported by its Uzbekistan activity.
- The digital ecosystem, with the TBC UZ and Payme apps, has a broad customer base and strong brand awareness in Uzbekistan.
- Diversification into insurance, microfinance and merchant services reduces reliance on a single product.
Weaknesses
- The cost of risk in Uzbekistan rose considerably in 2025, which reduced group net profit.
- Coverage of non-performing loans in Uzbekistan declined, leaving less room to absorb losses.
- Many of the newer entities are still being built, and their results are not yet proven.
Opportunities
- The Uzbekistan market has room to grow in digital lending, especially through credit cards and instalment payments.
- The MSME segment could benefit from integrating the BILLZ platform into the ecosystem.
- Services for non-residents and expatriates could widen the customer base in Uzbekistan.
Threats
- A weaker economic environment could increase credit losses in both countries.
- Competition from fintechs and local banks could squeeze margins and fees.
- Regulatory changes in Uzbekistan and Georgia could alter lending and microfinance conditions.
Risks
- Portfolio quality in Uzbekistanhigh
A rising cost of risk and more loans overdue in Uzbekistan could weigh on group profitability if the trend continues.
- Cost of fundingmedium
Rising funding costs could compress the net interest margin if they cannot be passed on to customers.
- Integrating acquisitions and new entitiesmedium
Integrating BILLZ and the TBC Digital structure could generate extra costs and delays in realising synergies.
- Regulation and compliancemedium
Regulatory changes in banking and microfinance in both countries could impose new requirements.
- Operational and technology risklow
Reliance on digital systems and artificial intelligence could expose the group to security incidents or model errors.
Investment thesis
What would need to be true (bull case)
- If the improvement in Uzbekistan's portfolio quality is confirmed, profitability could return to higher levels.
- The digital ecosystem and brand strength in Uzbekistan could support growth in fee income and new products.
- Diversification into insurance, microfinance and instalment payments could reduce dependence on traditional lending.
What would break the thesis
- If the cost of risk in Uzbekistan stays high, net profit could remain below earlier levels.
- Higher funding costs could compress margins if rates cannot be adjusted.
- Investment in new entities and technology could weigh on costs before generating significant revenue.
What to watch
- Trend in cost of risk and overdue loans in Uzbekistan2026
- Results of TBC BNPL and the new instalment payment business2026
- Integration of BILLZ into the MSME ecosystem and revenue generated2026
- Development of the group net interest margin after higher funding costsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
TBC Bank Group PLC's core activity is banking and financial services in Georgia and Uzbekistan, structured into operating segments such as Georgian financial services and Uzbekistan. The group includes banking, insurance, leasing and digital entities, and in Uzbekistan activity expanded through TBC Digital, a newly established holding company. Consolidated results in the 2025 annual report show a loan portfolio of GEL 26,722 mln and a net profit of GEL 1,308 mln 1.
In Uzbekistan the group broadened its product range through TBC Sug'urta, which received a life insurance licence in March 2025, through TBC Credit, which holds a microfinance licence, and through TBC BNPL, set up to accelerate buy-now-pay-later business from 2026 1. The majority acquisition of BILLZ, a SaaS platform for merchants, strengthens the MSME segment 1.
The digital ecosystem includes the TBC UZ and Payme apps, which were redesigned in 2025, and Payme Plus reached 600,000 monthly subscribers by year end 1. The group also invests in artificial intelligence, with AI agents handling payment reminder calls for customers in early delinquency 1.
Segments
Georgian financial services
The Georgian segment includes corporate and investment banking (CIB), retail, MSME, treasury, leasing and insurance. In 2025 the segment's ROE was 24.3% and its cost of risk 0.7% 1.
Market context
The group operates in Georgia and Uzbekistan, where the net interest margin in Uzbekistan was 21.6% in 2025, compared with 7.0% for the group as a whole, reflecting high loan yields 1. Economic conditions and banking penetration in both countries shape lending and deposit growth 1.
Uzbekistan's market is digitising quickly, and TBC Uzbekistan became the top-of-mind banking brand in Tashkent and ranked third nationwide in a 2025 brand survey 1.
Competitive position
In Georgia and Uzbekistan the group competes with other local banks and with fintech platforms offering digital payments and credit. Its position in Uzbekistan rests on brand recognition and its app ecosystem, while price pressure could grow as these platforms expand.
The annual report does not explicitly name the group's competitors, so this analysis is limited to categories of competitors: local banks, microfinance institutions and fintech companies, without attributing US ticker symbols.
- Local banks in Georgia
Competition in corporate, retail and MSME segments; not named in the source.
- Local banks in Uzbekistan
Competition in cards, loans and digital services for individuals and merchants.
- Microfinance institutions
Competition in small-ticket lending, a segment TBC Credit entered in 2025.
- Fintech and payments platforms
Competition for customer attention in payment apps and buy-now-pay-later services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202509 Apr 2026
- Annual report 202509 Apr 2026
- Annual report 202415 Apr 2025
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / TBC Bank Group PLC · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.