Georgia's TBC Bank ups assets 7.3% in H1
TBILISI. Aug 3. (Interfax) - TBC Bank, which is the second-largest commercial bank in Georgia by assets, expanded its assets by 7.3% to 3.458 billion lari in the first half of 2012, the bank said in its financial statement.
TBC Bank's assets account for 26.4% of all of the Georgian banking sector's assets.
In the second quarter alone, the bank boosted its assets by 3.1%. For the year - from the end of June 2011 to the end of June 2012 - it raised its assets by 30.7%.
Its loan portfolio occupied 2.246 billion lari of its asset structure - a 16.8% increase. Loan impairment provisions totaled 126.6 million lari, or 5.6% of the loan portfolio.
Liabilities climbed 7.3% to 2.946 billion lari in H1 2012, including client deposits - up 3.5% to 2.04 billion lari. Equity capital also rose by 7.3%, to 512.1 million lari.
TBC Bank saw its net profit fall 23.5% year-on-year to 34.8 million lari in H1 2012.
The bank's shareholders are TBC Holdings Ltd (20.89%), International Finance Corporation (IFC) (20.01%), the European Bank for Reconstruction and Development (EBRD) (20.01%), the German development corporation DEG (11.43%), Liquid Crystal International N.V. (7.14%), JP Morgan Chase Bank (4.98%), British investment fund Ashmore Cayman SPC (4.57%), Netherlands-based FMO (3.26%) and private individuals.
The official exchange rate on August 3 was 1.6522 lari/$1.
