Core Insights - TBC Bank Group reported a record fourth quarter for 2025, with full-year net profit exceeding GEL 1.4 billion, a 9% increase year-over-year, and a return on equity (ROE) of 24.2% [6] - The company experienced a 15% year-over-year increase in top-line revenue for the fourth quarter, primarily driven by a 23% rise in net interest income [3] - The full-year dividend was declared at GEL 8.87 per share, reflecting a 10% increase year-over-year, with a payout ratio of 35% [4] Financial Performance - Operating expenses increased by 10% year-over-year in the fourth quarter and 18% for the full year, resulting in a cost-to-income ratio of 37.5%, down 40 basis points [1] - Net interest margin (NIM) remained stable at 7% in the fourth quarter, with a full-year increase of 30 basis points, attributed to a higher share of TBC Uzbekistan in the portfolio [2] - The group's cost of risk declined by 50 basis points to 1.1%, with expectations for Georgia's cost of risk to be around 80 basis points in 2026 [7] Regional Insights - In Georgia, the economy showed strong performance with a real GDP growth of 7.5% in 2025, and the company expects around 5% growth in 2026 [8] - Uzbekistan's economy also demonstrated dynamism with a real GDP growth of 7.7% in 2025, and significant scale-up progress was noted, including 45% loan growth year-over-year [10][11] - The company aims to pivot its loan mix in Uzbekistan due to regulatory changes, with expectations of around 20% gross loan book growth for the year [12] Operational Developments - TBC Bank's digital engagement improved significantly, with over 250,000 new customers added during the year, representing a 24% growth [9] - The company issued nearly 1 million TBC daily banking cards and doubled its retail brokerage customers to over 100,000 [9] - In Uzbekistan, TBC Bank became a top 10 bank for both retail loans and deposits, with market shares of 4.2% and 3.8%, respectively [14] Management and Strategy - The company will host a Strategy Day in New York on February 21, with a live webcast available for those unable to attend in person [16] - Group CEO Vakhtang Butskhrikidze will focus on overseeing operations in Georgia and Uzbekistan, while Giorgi Tkhelidze is set to become CEO of the Georgian subsidiary [15]