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TBC Bank

Summary Details:

  • iconCountry Name: Georgia
  • iconS&P Rating: N/A
  • iconMoody's Rating: B1
  • iconFitch Rating: BB-
  • iconAssets: GEL 5,423,466
  • iconProfits: GEL 158,451
  • iconOwnership: 40% Free-float on London Stock Exchange,
    22.4% founders Mr. Mamuka Khazaradze and Mr. Badri Japaridze,
    12.5% European Bank for Reconstruction and Development,
    6.6% Management and other,
    6.2% International Finance Corporation,
    4.4% Netherlands Development Finance Company (FMO),
    3.6% Deutsche Investitions-und EntwicklungsGesellschaft (DEG),
    2.7% Ashmore Cayman SPC,
    1.6% J.P. Morgan Chase Bank N.A
  • iconDate Modified: Nov-2015

Syndicated Analyses:

Reuters "Fitch Affirms Six Georgian Banks; Outlook Stable" 28-May-2015:
Fitch Ratings has affirmed Bank of Georgia (BoG, BB-/Stable/bb-), TBC Bank (BB-/Stable/bb-), ProCredit Bank (Georgia) (PCBG, BB/Stable/bb-), JSC Liberty Bank (LB, B/Stable/b), Basisbank (BB, B/Stable/b) and Halyk Bank Georgia (HBG, BB-/Stable).
The affirmation of BoG's, TBC's, PCBG's, LB's and BB's VRs, and (with the exception of PCBG) their Long-term IDRs with Stable Outlooks, reflects their generally robust capitalisation, ample liquidity and still sound financial metrics notwithstanding a challenging operating environment in Georgia. The economic slowdown, depreciation of the Georgian lari (GEL) and higher funding costs are likely to have a moderate negative impact on banks' performance in 2015, but Fitch expects that this will be within the tolerance range of the ratings.
Direct losses from devaluation will be limited, as the rated Georgian banks do not run significant short open currency positions. Nonetheless, with over 60% of banks' loan portfolios US dollar denominated (with the notable exception of LB, 4%), the fall of the lari could create asset quality pressures and a slight decrease in regulatory capital ratios due to asset inflation.
Liquidity is adequate, underpinned by high levels of liquid assets on balance sheets, which provide the banks with solid buffers to absorb unexpected funding outflows.
In Fitch's view, the authorities would likely have a high propensity to support BoG and TBC in light of the banks' systemic importance, and LB given its social function as the country's primary distributor of pensions and social benefits.
Moody's Corporation "Moody's: Bank of Georgia and TBC Bank set for robust expansion in 2015" 23-Jan-2015:
The Republic of Georgia's two largest banks -- Bank of Georgia (Ba3 stable; D- stable/ba3) and TBC Bank (Ba3 stable; D- stable/ba3) -- are poised for strong business expansion in 2015, aided by the country's growing economy and efforts to tap opportunities in a largely unbanked population
Against this background, these two entities could report lending growth of 20% in 2015. However, the banks face headwinds as they expand particularly from the high use of the dollar for loans and deposits, which exposes them to foreign-exchange induced credit and liquidity risks, in a country in which the credit culture is still evolving.
Growth opportunities for these two leading Georgian entities are unmatched in the Caucasus and Black Sea region. Moody's forecasts real GDP growth in Georgia of 5.5% in 2015, which is one of the strongest in the region. We also expect the banks to benefit from their dominant positions in the domestic market - Bank of Georgia and TBC Bank jointly account for 57% of Georgia's banking assets - aided by lack of any significant competition from foreign lenders
Moody's Corporation "Moody's affirms the ratings of Bank of Georgia and TBC Bank; outlooks stable" 27-Sep-2013:
Today's affirmations reflect to differing degrees the two banks': (1) strong domestic franchises; (2) solid profitability metrics; and (3) sufficient capitalisation buffers to absorb unexpected losses. These positive elements are balanced against: (1) the risk of accelerated asset-quality deterioration, owing to extensive foreign-currency lending; and (2) operating environment risks arising from Georgia's shallow, developing economy, which is vulnerable to external shocks and political challenges
The strength of TBC's franchise is a key driver for the rating affirmation. TBC ranks second (behind BoG) in terms of size with a market share of 26%. The acquisition of Bank Constanta in 2011 further increased its geographic footprint and its reach to smaller retail customers.
The affirmation of TBC's ratings also takes into consideration the bank's strong profitability metrics. Based on June 2013 unaudited financials, TBC's pre-provision income-to-risk-weighted assets stood at 6.1% (year-end 2012: 5.2%) and its net income-to-risk-weighted assets ratio at 4.0% (2012: 3.5%). Although Moody's expects some pressure on margins going forward and that provisioning charges will remain relatively elevated, the rating agency expects that TBC's profitability will remain solid. The bank's capitalisation also edged higher, with its Tier 1 capital adequacy ratio under NBG rules standing at 12.2% at H1 2013, which Moody's considers sufficient to absorb unexpected losses. Similar to its domestic peers, TBC faces currency induced credit risk arising from extensive foreign-currency lending, which stood at 73% of total loans, as of June 2013. Concurrently, susceptibility to political risk was evidenced in the steep rise in NPLs resulting from the economic slowdown brought about by political uncertainty surrounding the October 2012 parliamentary elections. At year-end 2012, NPLs reached 9.7% (year-end 2011: 3.3%) before declining to 8.1% in June 2013.

Deposits table:

CurrencySort DescTypeSort DescMaturitySort DescRateSort DescDate ModifiedSort DescView
USDTerm3-53.3%Nov-2015View
USDTerm6-84.3%Nov-2015View
USDTerm9-114.8%Nov-2015View
USDTerm125.3%Nov-2015View
USDTerm13-145.3%Nov-2015View
USDTerm15-175.3%Nov-2015View
USDTerm18-205.4%Nov-2015View
USDTerm21-235.5%Nov-2015View
USDTerm245.55%Nov-2015View
USDSavings3-52.5%Nov-2015View
USDSavings6-83.5%Nov-2015View
USDSavings9-114%Nov-2015View
USDSavings124.5%Nov-2015View
USDSavings13-144.5%Nov-2015View
USDSavings15-174.5%Nov-2015View
USDSavings18-204.6%Nov-2015View
USDSavings21-234.7%Nov-2015View
USDSavings244.75%Nov-2015View
GBPTerm3-53.3%Nov-2015View
GBPTerm6-84.3%Nov-2015View
GBPTerm9-114.8%Nov-2015View
GBPTerm125.3%Nov-2015View
GBPTerm13-145.3%Nov-2015View
GBPTerm15-175.3%Nov-2015View
GBPTerm18-205.4%Nov-2015View
GBPTerm21-235.5%Nov-2015View
GBPTerm245.55%Nov-2015View
GBPSavings3-52.5%Nov-2015View
GBPSavings6-83.5%Nov-2015View
GBPSavings9-114%Nov-2015View
GBPSavings124.5%Nov-2015View
GBPSavings13-144.5%Nov-2015View
GBPSavings15-174.5%Nov-2015View
GBPSavings18-204.6%Nov-2015View
GBPSavings21-234.7%Nov-2015View
GBPSavings244.75%Nov-2015View
EURTerm3-52.3%Nov-2015View
EURTerm6-83.3%Nov-2015View
EURTerm9-113.8%Nov-2015View
EURTerm124.3%Nov-2015View
EURTerm13-144.3%Nov-2015View
EURTerm15-174.3%Nov-2015View
EURTerm18-205.4%Nov-2015View
EURTerm21-234.5%Nov-2015View
EURTerm244.55%Nov-2015View
EURSavings3-51.5%Nov-2015View
EURSavings6-82.5%Nov-2015View
EURSavings9-113%Nov-2015View
EURSavings123.5%Nov-2015View
EURSavings13-143.5%Nov-2015View
EURSavings15-173.5%Nov-2015View
EURSavings18-203.6%Nov-2015View
EURSavings21-233.7%Nov-2015View
EURSavings243.75%Nov-2015View