TBC Bank Group PLC (TBCG.L) Friday reported profit before tax of GEL 343.18 million pounds for the first quarter, higher than GEL 296.29 million in the same quarter a year ago.
Net profit increased 16.3 percent to GEL 292.81 million from GEL 248.67 million last year.
Net interest income grew 20.7 percent to GEL 442.84 million from GEL 366.79 million, while net fee and commission income rose 12.8 percent to GEL 104.30 million from GEL 92.44 million in the previous year.
Net insurance income was GEL 7.80 million, up from GEL 6.22 million last year.
Credit loss allowance for the first quarter was GEL 45.13 million, lower than GEL 53.17 million a year ago.
Separately, TBC today announced a share buyback of up to GEL 75 million or GBP 22.4 million.
The company said that the purpose of the programme is to purchase shares to transfer to TBC's employee benefit trust (EBT) to satisfy future share awards, and also to reduce TBC's share capital.
Up to GEL 25 million or GBP 7.5 million of shares will be purchased commencing next week to transfer to the EBT. The purchase of the rest of up to GEL 50 million or GBP 14.9 million of shares, which are to be cancelled, is expected to start soon.
For comments and feedback: editorial@rttnews.com