TBC Bank Profits Jump in First Half of 2018

Georgian company TBC Bank has enjoyed a considerable year-on-year jump in its pretax profit in the 2 first quarters of 2018. During the first half of the year, TBC's profit amounted to GEL 239.5 million ($92.8 mln). Compared to the first half of last year, TBC Bank reports a GEL 48.1 million ($18.6) increase. Over the last three months alone, TBC Bank increased its net profits by 39%.

The sharp growth in profits are attributed to a decisive reduction in its costs.

TBC General Director, Vakhtang Butskhrikidze, also said that TBC benefited from the national economy's momentum during the last several months, which was better than expected with 5.7% GDP growth.

By Antoine Dewaest

Photo: TBC