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TBC BANK GROUP PLC (“TBC Bank”)

1Q 2024 UNAUDITED CONSOLIDATED FINANCIAL RESULTS

Forward-looking statements

This document contains forward-looking statements; such forward-looking statements contain known and unknown risks,
uncertainties and other important factors, which may cause the actual results, performance or achievements of TBC Bank
Group PLC (“the Bank” or “the Group”) to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward-looking statements are based on numerous assumptions
regarding the Bank’s present and future business strategies and the environment in which the Bank will operate in the future.
Important factors that, in the view of the Bank, could cause actual results to differ materially from those discussed in the
forward-looking statements include, among others: the achievement of anticipated levels of profitability; growth, cost and
recent acquisitions; the impact of competitive pricing; the ability to obtain the necessary regulatory approvals and licenses;
the impact of developments in the Georgian and Uzbek economies; the impact of COVID-19; the political and legal
environment; financial risk management; and the impact of general business and global economic conditions.

None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises,
nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future
projections, expectations, estimates or prospects are based are accurate or exhaustive or, in the case of the assumptions,
entirely covered in the document. These forward-looking statements speak only as of the date they are made, and, subject to
compliance with applicable law and regulations, the Bank expressly disclaims any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statements contained in the document to reflect actual results, changes in
assumptions or changes in factors affecting those statements.

Certain financial information contained in this presentation, which is prepared on the basis of the Group’s accounting policies
applied consistently from year to year, has been extracted from the Group’s unaudited management accounts and financial
statements. The areas in which the management accounts might differ from the International Financial Reporting Standards
and/or generally accepted U.S. accounting principles could be significant; you should consult your own professional advisors
and/or conduct your own due diligence for a complete and detailed understanding of such differences and any implications
they might have on the relevant financial information contained in this presentation. Some numerical figures included in this
report have been subjected to rounding adjustments. Accordingly, the numerical figures shown as totals in certain tables
might not be an arithmetic aggregation of the figures that preceded them.

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1Q 2024 consolidated financial results conference call details
TBC Bank Group PLC ("TBC PLC") will publish its preliminary unaudited consolidated financial results for the first quarter
2024 on Friday, 10 May 2024 at 7.00 AM BST. On the same day, the management team will host a conference call at 2.00
PM BST.

To participate in the conference call live video webinar, please register using the following link:
https://www.netroadshow.com/events/login?show=4bb3e869&confId=64445
You will receive access details via email.

Contacts

Andrew Keeley Anna Romelashvili Investor Relations Department

Director of Investor Relations Head of Investor Relations

E-mail: AKeeley@tbcbank.com.ge E-mail: ARomelashvili@tbcbank.com.ge E-mail: IR@tbcbank.com.ge

Tel: +44 (0) 7791 569834 Tel: +(995) 577 205 290 Tel: +(995 32) 227 27 27
Web: www.tbcbankgroup.com Web: www.tbcbankgroup.com Web: www.tbcbankgroup.com

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Table of contents

1Q 2024 unaudited consolidated financial results announcement

Interim management report

Financial highlights ..................................................................................................................................................... 5
Operational highlights ................................................................................................................................................ 6
Letter from the Chief Executive Officer ................................................................................................................... 7
Economic overview ..................................................................................................................................................... 7
Unaudited consolidated financial results overview for 1Q 2024 ............................................................................. 8
Additional information ..............................................................................................................................................14
1) Financial disclosures by business lines ....................................................................................................................14
2) Glossary ....................................................................................................................................................................16
3) Ratio definitions and exchange rates ........................................................................................................................16

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 1Q 2024 unaudited consolidated financial results
1Q 2024 profit of GEL 296 million, up by 16% YoY, with ROE at 25.1%.
European Union Market Abuse Regulation EU 596/2014 requires TBC Bank Group PLC to disclose that this announcement contains Inside Information, as
defined in that Regulation.

Financial highlights

Income statement
In thousands of GEL 1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Net interest income 442,844 441,735 366,791 20.7% 0.3%
Net fee and commission income 104,303 110,099 92,438 12.8% -5.3%
Other non-interest income 70,834 87,443 73,010 -3.0% -19.0%
Total operating income 617,981 639,277 532,239 16.1% -3.3%
Total credit loss allowance (45,133) (47,480) (53,168) -15.1% -4.9%
Operating expenses (229,670) (254,499) (182,779) 25.7% -9.8%
Profit before tax 343,178 337,298 296,292 15.8% 1.7%
Income tax expense (46,707) (45,856) (41,331) 13.0% 1.9%
Profit for the period 296,471 291,442 254,961 16.3% 1.7%

Balance sheet
In thousands of GEL Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Total assets 33,261,535 32,964,827 27,138,983 22.6% 0.9%
Gross loans 22,545,189 22,073,679 18,321,341 23.1% 2.1%
Customer deposits 20,838,768 20,375,498 17,297,630 20.5% 2.3%
Total equity 4,853,916 4,820,182 4,238,958 14.5% 0.7%
Number of shares 55,393,664 55,393,664 54,991,419 0.7% 0.0%

Key ratios
1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
ROE 25.1% 25.2% 25.2% -0.1 pp -0.1 pp
ROA 3.6% 3.7% 3.6% 0.0 pp -0.1 pp
NIM 6.5% 6.7% 6.4% 0.1 pp -0.2 pp
Cost to income 37.2% 39.8% 34.3% 2.9 pp -2.6 pp
Cost of risk 0.8% 0.8% 1.1% -0.3 pp 0.0 pp
NPL to gross loans 2.2% 2.0% 2.2% 0.0 pp 0.2 pp
NPL provision coverage ratio 74.4% 79.8% 92.9% -18.5 pp -5.4 pp
Total NPL coverage ratio 140.3% 146.3% 154.8% -14.5 pp -6.0 pp
Leverage (x) 6.9x 6.8x 6.4x 0.5x 0.1x
EPS (GEL) 5.39 5.31 4.57 17.9% 1.5%
Diluted EPS (GEL) 5.36 5.26 4.50 19.1% 1.9%
BVPS (GEL) 86.11 86.32 75.91 13.4% -0.2%
Georgia
CET 1 CAR 16.6% 17.4% 17.7% -1.1 pp -0.8 pp
Tier 1 CAR 18.8% 19.6% 20.1% -1.3 pp -0.8 pp
Total CAR 21.5% 22.1% 22.2% -0.7 pp -0.6 pp
Uzbekistan
CET 1 CAR 12.7% 15.4% 23.1% -10.4 pp -2.7 pp
Tier 1 CAR 12.7% 15.4% 23.1% -10.4 pp -2.7 pp
Total CAR 16.2% 16.3% 23.6% -7.4 pp -0.1 pp

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Operational highlights

Customer base
In thousands Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Total number of unique registered users 17,884 16,490 13,272 35% 8%
Georgia 3,317 3,275 3,100 7% 1%
Uzbekistan 14,567 13,215 10,172 43% 10%
Total monthly active customers 6,331 5,890 5,123 24% 7%
Georgia 1,615 1,604 1,519 6% 1%
Uzbekistan 4,716 4,286 3,604 31% 10%
Total digital monthly active users (digital MAU) 5,646 5,207 4,433 27% 8%
Georgia 930 921 829 12% 1%
Uzbekistan 4,716 4,286 3,604 31% 10%
Total digital daily active users (digital DAU) 1,760 1,718 1,358 30% 2%
Georgia 413 421 368 12% -2%
Uzbekistan 1,347 1,297 990 36% 4%
Digital DAU/MAU 31% 33% 31% 0 pp -2 pp
Georgia 44% 46% 44% 0 pp -2 pp
Uzbekistan 29% 30% 27% 2 pp -1 pp

Uzbekistan – key highlights

Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Loans and advances to customers (GEL, thousands) 928,553 796,930 407,993 127.6% 16.5%
Customer accounts (GEL, thousands) 657,190 581,483 374,429 75.5% 13.0%
Payme's payments volume (GEL, billion) 2.5 2.6 2.2 13.6% -3.8%

1Q’24 4Q’23 1Q’23 Change YoY Change QoQ

Profit for the period (GEL, thousands) 18,436 20,433 12,708 45.1% -9.8%
ROE 23.7% 29.7% 28.1% -4.4 pp -6.0 pp

TNET – digital lifestyle platform in Georgia

In millions 1Q’24 4Q’23 1Q’23 Change YoY Change QoQ
Gross merchandise value (GMV, GEL) 36.2 36.4 30.4 19.1% -0.5%
Number of transactions 4.1 4.1 3.4 20.6% 0.0%

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Letter from the Chief Executive Officer1

I am pleased to report that we started 2024 strongly, with net income increasing 16% year-on-year to GEL 296 million, and
our ROE remaining above 25%. Operating income was also up by 16% to GEL 618 million.

Before discussing our 1Q 2024 results in more detail, I would like to highlight that in April we successfully issued USD 300
million AT1 bonds, with strong investor demand from the EU, UK, and US and which prices c. 50 bps below our outstanding
AT1 bonds that are callable in October this year. This AT1 offering will reinforce our capital structure and help to provide an
excellent foundation for pursuing growth opportunities over the next few years.

Turning back to our financials, our high profitability was driven by strong net interest income, which grew by 21% year-on-
year, underpinned by dynamic loan book growth and resilient margins, while our net fee and commission income rose 13%.
Our solid revenue streams continue to be supported by sound asset quality, which translated into 0.8% cost of risk. At the
same time, our operating expenses increased by 26% due to the expansion of our business, with our Uzbek operations
accounting for almost 40% of the growth. Consequently, our cost to income ratio stood at 37.2% in 1Q 2024.

Credit growth remained robust in 1Q 2024 with the Group’s gross loan book increasing by 21% year-on-year on a constant
currency basis. In parallel, the Group’s total deposits grew by 18% year-on-year on a constant currency basis, highlighting
strong funding support.

Our active customer base also continues to increase, in particular in Uzbekistan. Our digital MAU reached 5.6 million at the
Group level by end of March 2024, up 27% year-on-year, while almost one third of our users are active across our digital
platforms on a daily basis.

I would like to highlight the performance of our digital financial services businesses in Uzbekistan, which continue to go from
strength to strength as they become a significant contributor to the overall Group’s balance sheet and profitability. In 1Q 2024
alone, Uzbekistan generated GEL 74 million in total operating income and GEL 18 million in net profit, constituting 12% and
6% of the Group totals, respectively. Over the same period, the ROE of our Uzbek operations amounted to a very healthy
23.7%.

In addition, TBC UZ is delivering remarkable growth in its balance sheet. As of the end of 1Q 2024, TBC UZ’s retail loans
amounted to GEL 929 million, up by 128% year-on-year and accounting for 42% of the Group’s consumer loans with a micro
loan market share2 of 15.3%. At the same time, TBC UZ retail deposits reached GEL 657 million, up by 76% year-on-year,
representing 8% of the Group’s retail deposits and capturing 3.4% retail deposit market share2. Our focus in Uzbekistan this
year is on new product development, in particular rolling out credit cards, daily and MSME banking as well as scaling up our
business as we continue to build greater synergies and integration within our digital banking and payments businesses.

I believe that the Group is well positioned to build further on this strong start to the year and deliver excellent results for our
shareholders in 2024, as well as ensuring we are on track to meet our strategic targets for next year. We continue to feel the
benefits of strong economic growth within our two major operating countries, with our outlook for Georgian economic growth
this year raised to 6.4%, while we expect very solid and consistent 5.6% growth in Uzbekistan.

Finally, I am pleased to report that the Board has approved a buyback programme of up to GEL75 million, of which GEL 50
million will be for share cancellation and GEL 25 million for the Employee Benefit Trust.

Vakhtang Butskhrikidze
CEO, TBC Bank Group PLC

1
Note: For better presentation purposes, certain financial numbers are rounded to the nearest whole number.
2
Based on data published by the CBU, as of 1 April 2024.
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Economic overview
Georgia
Economic growth remains robust
Economic activity eased slightly but still remained very strong in 1Q 2024, with real GDP increasing by 7.8%, following 7.5%
growth in 2023. External sector activity in 1Q 2024 continued to be negatively affected by lower international commodity
prices, with domestic exports particularly hard hit despite a mild recovery in ferro-alloy exports. Exports and imports
denominated in US dollars decreased by 9.3% and 5.3% YoY in 1Q 2024, respectively.
On a more positive note, tourism revenues excluding Russia, Ukraine and Belarus increased by 30.8% YoY in 1Q 2024, while
overall tourism including migration impact grew by 1.5%, given that migrants are gradually being counted as residents by the
NBG and hence excluded from the tourism sector. Meanwhile, remittances fell 20.7%3 YoY in 1Q 2024, driven by a high
base effect in money transfers from Russia. Total FDI in 2023 decreased by 24.0% YoY, due to very large liability repayments,
however, reinvested earnings and equity investments reached an all time high of USD 2.5 billion. Combined with a high
contribution from investment in GDP growth, this points to continued positive momentum in both actual and potential
economic output.
Fiscal consolidation continues in 1Q
The government remains focused on fiscal consolidation by reducing the budget deficit relative to GDP. A sizable surplus
was recorded in 1Q 2024, with the budget balance4 standing at 1.3% of GDP, while the government targets 2.5% deficit for
the full year, compared to 2.8% in 2023 and 3.0% in 2022.
Credit growth remains strong
Following 17.0% growth in 2023, bank credit growth accelerated slightly to 17.2% YoY as of March 2024 at constant
exchange rates5. At the same time, as low and stable inflation persisted, YoY growth in real credit also remained high at
16.6%. Credit growth remains stronger for legal entities, increasing by 20.6% YoY, while lending to individuals was up by
14.4% in 1Q 2024. The dedollarization of bank lending continues, wth the share of FX loans slightly decreasing to 45.0% at
the end of 1Q 2024 (down from 45.2% YTD).
Low inflation enables monetary policy easing
Despite substantial easing and volatile market sentiment, the GEL, with support from still high net currency inflows, remained
almost unchanged against the USD during 1Q 2024, standing at 2.69 at the end of March. Notably, leveraging strong inflows,
the NBG switched back to reserve accumulation, purchasing USD 88 million in the first three months of 2024.
CPI inflation stabilised well below the NBG’s target of 3%, standing at 0.5% YoY in March. However, domestic and service
inflation measures showed gradual acceleration. Nevertheless, low overall inflation led the NBG to deliver two rate cuts in
the first quarter, reducing the monetary policy rate (MPR) to 8.25%.

Uzbekistan
Continued strong economic performance
Uzbekistan also continues to show strong economic activity with 6.2%6 real GDP growth in 1Q 2024. However, the annual
growth rates of external trade decreased compared to the 4Q 2023 and amounted to 10.5%7 for exports of goods and 1.8% for
imports, with the latter being affected by high base effect related to a one-off. Retail credit growth remains robust at 40%6
YoY at end March, with mortgage credit expanding by 24% and non-mortgage credit by 53%.
Annual inflation decreased slightly from 8.8% in December to 8.0%6 in March, with a more pronounced deceleration evident
when compared to 11.7% in March 2023. The CBU kept its monetary policy rate unchanged at 14.0% in the first quarter. The
UZS stood at 12,6206 relative to the USD at the end of March 2024, depreciating by 2.3% in 1Q 2024, while the REER (real
effective exchange rate) remained broadly stable.

Upgrading Georgian economic growth forecast

Given the strong start to 2024, we recently upgraded our forecast for real GDP growth in Georgia to 6.4% (from 5.6%), while
our projection for Uzbekistan stands at 5.6%.
More information on the Georgian economy and financial sector can be found at www.tbccapital.ge.

3 Remittances from Russia are adjusted for double counting with tourism inflows and other similar effects, based on TBC Capital estimates.
4 Per IMF program definition.
5 Based on data published by NBG and FX-adjusted by TBC, based on Dec-2023 end of period exchange rate.
6
Based on data published by CBU.
7
Based on data published by the Uzstat
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Unaudited consolidated financial results overview for 1Q 2024
This statement provides a summary of the business and financial trends for 1Q 2024 for TBC Bank Group plc and its subsidiaries. The financial information
and trends are unaudited.

Please note that there might be slight differences in previous periods’ figures due to rounding.

Consolidated income statement and other comprehensive income

In thousands of GEL 1Q'24 4Q'23 1Q'23
Interest income 840,354 810,428 672,150
Interest expense (397,510) (368,693) (305,359)
Net interest income 442,844 441,735 366,791
Fee and commission income 179,488 192,341 151,801
Fee and commission expense (75,185) (82,242) (59,363)
Net fee and commission income 104,303 110,099 92,438
Insurance contract revenue 36,448 33,665 29,524
Reinsurance service result 1,172 1,161 (2,870)
Insurance service claims and expenses incurred (29,817) (25,736) (20,436)
Net insurance income 7,803 9,090 6,218
Net gains from currency derivatives, foreign currency operations and translation 61,469 68,228 60,601
Net gains from disposal of investment securities measured at fair value through other
233 8 2,012
comprehensive income
Other operating income 1,369 10,372 3,905
Share of (loss)/profit of associates (41) (256) 274
Other operating non-interest income 63,030 78,352 66,792
Credit loss allowance for loans to customers (43,900) (40,640) (50,040)
Credit loss (allowance)/recovery for finance lease receivable (2,046) 1,129 (1,073)
Credit loss (allowance)/recovery for performance guarantees and credit related
(394) (612) 337
commitments
Credit loss recovery/(allowance) for other financial assets 1,590 (4,890) (1,954)
Credit loss allowance for financial assets measured at fair value through other
(335) (407) (296)
comprehensive income
Net impairment of non-financial assets (46) (2,059) (142)
Operating income after expected credit and non-financial asset impairment losses 572,849 591,797 479,071
Staff costs (126,563) (139,766) (103,426)
Depreciation and amortisation (34,108) (28,741) (28,361)
Allowance of provision for liabilities and charges 78 - (71)
Administrative and other operating expenses (69,078) (85,993) (50,922)
Operating expenses (229,671) (254,500) (182,780)
Profit before tax 343,178 337,297 296,291
Income tax expense (46,707) (45,856) (41,331)
Profit for the period 296,471 291,441 254,960
Other comprehensive income, net of tax:
Items that may be reclassified subsequently to profit or loss:
Movement in fair value reserve, net of tax 21,351 1,491 8,036
Exchange differences on translation to presentation currency (13,733) (2,065) (5,166)
Net other movements 58 (33) -
Other comprehensive expense for the period, net of tax 7,676 (607) 2,870
Total comprehensive income for the period 304,147 290,834 257,830
Profit attributable to:
- Shareholders of TBCG 292,805 287,699 248,668
- Non-controlling interest 3,666 3,742 6,292
Profit for the period 296,471 291,441 254,960
Total comprehensive income is attributable to:
- Shareholders of TBCG 300,481 287,092 251,538
- Non-controlling interest 3,666 3,742 6,292
Total comprehensive income for the period 304,147 290,834 257,830

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Consolidated balance sheet
In thousands of GEL Mar'24 Dec'23 Mar'23
ASSETS
Cash and cash equivalents 3,147,389 3,764,087 2,188,553
Due from other banks 24,296 47,941 38,738
Mandatory cash balances with National Bank of Georgia and the Central Bank of Uzbekistan 1,557,221 1,577,074 1,817,145
Loans and advances to customers 22,183,529 21,722,107 17,953,053
Investment securities measured at fair value through other comprehensive income 3,875,799 3,475,461 3,047,598
Bonds carried at amortised cost 73,098 73,963 30,967
Finance lease receivables 411,386 400,411 316,247
Investment properties 15,921 15,235 21,080
Investments in associates 3,493 4,204 4,095
Current income tax prepayment 5,446 435 856
Deferred income tax asset 4,371 7,400 13,867
Other financial assets 311,427 280,268 258,135
Other assets 454,171 431,477 426,341
Premises and equipment 517,699 513,340 448,041
Right of use assets 126,880 120,077 112,977
Intangible assets 489,445 471,383 401,326
Goodwill 59,964 59,964 59,964
TOTAL ASSETS 33,261,535 32,964,827 27,138,983
LIABILITIES
Due to credit institutions 3,702,517 4,395,182 2,596,880
Customer accounts 20,838,768 20,375,498 17,297,630
Other financial liabilities 636,939 358,522 345,017
Current income tax liability 11,946 67,945 6,659
Deferred income tax liability 53,315 50,957 114,300
Debt Securities in issue 1,501,651 1,426,174 1,324,815
Provision for liabilities and charges 21,118 21,060 19,228
Other liabilities 116,323 123,218 67,024
Lease liabilities 99,501 91,879 79,989
Subordinated debt 1,050,191 868,730 583,678
Redemption liability 375,350 365,480 464,805
TOTAL LIABILITIES 28,407,619 28,144,645 22,900,025
EQUITY
Share capital 1,690 1,690 1,676
Shares held by trust (45,675) (75,609) (37,239)
Share premium 295,605 295,605 261,719
Retained earnings 4,470,376 4,433,496 3,993,387
Merger reserve 402,862 402,862 402,862
Share based payment reserve (14,689) 23,677 (2,815)
Fair value reserve for investment securities measured at fair value through other
33,696 12,345 13,503
comprehensive income
Cumulative currency translation reserve (54,737) (44,824) (41,024)
Other reserve (375,320) (365,513) (464,805)
Equity attributable to owners of the parent 4,713,808 4,683,729 4,127,264
Non-controlling interest 140,108 136,453 111,694
TOTAL EQUITY 4,853,916 4,820,182 4,238,958
TOTAL LIABILITIES AND EQUITY 33,261,535 32,964,827 27,138,983

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Ratios
Ratios (based on monthly averages, where applicable) 1Q’24 4Q’23 1Q’23
Profitability ratios:
ROE1 25.1% 25.2% 25.2%
ROA2 3.6% 3.7% 3.6%
Cost to income3 37.2% 39.8% 34.3%
NIM4 6.5% 6.7% 6.4%
Loan yields5 12.7% 12.7% 12.4%
Deposit rates6 5.4% 5.1% 4.9%
Cost of funding7 6.0% 5.7% 5.4%
Asset quality & portfolio concentration:
Cost of risk9 0.8% 0.8% 1.1%
PAR 90 to gross loans9 1.2% 1.1% 1.3%
NPLs to gross loans10 2.2% 2.0% 2.2%
NPL provision coverage11 74.4% 79.8% 92.9%
Total NPL coverage12 140.3% 146.3% 154.8%
Credit loss level to gross loans13 1.6% 1.6% 2.0%
Related party loans to gross loans14 0.1% 0.1% 0.1%
Top 10 borrowers to total portfolio15 5.9% 6.2% 6.0%
Top 20 borrowers to total portfolio16 8.8% 9.1% 9.0%
Capital & liquidity positions:
Net loans to deposits plus IFI funding17 96.7% 96.1% 92.9%
Leverage (x)18 6.9x 6.8x 6.4x
Georgia
Net stable funding ratio19 114.8% 119.9% 131.3%
Liquidity coverage ratio20 114.6% 115.3% 135.7%
CET 1 CAR21 16.6% 17.4% 17.7%
Tier 1 CAR22 18.8% 19.6% 20.1%
Total 1 CAR23 21.5% 22.1% 22.2%
Uzbekistan
CET 1 CAR24 12.7% 15.4% 23.1%
Tier 1 CAR25 12.7% 15.4% 23.1%
Total 1 CAR26 16.2% 16.3% 23.6%

Funding and liquidity in Georgia

Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Minimum net stable funding ratio, as defined by the NBG 100.0% 100.0% 100.0% 0.0 pp 0.0 pp
Net stable funding ratio as defined by the NBG 114.8% 119.9% 131.3% -16.5 pp -5.1 pp

Minimum total liquidity coverage ratio, as defined by the NBG 100.0% 100.0% 100.0% 0.0 pp 0.0 pp
Minimum LCR in GEL, as defined by the NBG 75% 75.0% 75.0% 0.0 pp 0.0 pp
Minimum LCR in FC, as defined by the NBG 100.0% 100.0% 100.0% 0.0 pp 0.0 pp

Total liquidity coverage ratio, as defined by the NBG 114.6% 115.3% 135.7% -21.1 pp -0.7 pp
LCR in GEL, as defined by the NBG 114.8% 109.8% 164.2% -49.4 pp 5.0 pp
LCR in FC, as defined by the NBG 114.4% 120.1% 116.5% -2.1 pp -5.7 pp

Regulatory capital

Georgia

The capital ratios as of 31 March 2024 already account for the pending dividend payment effect.
In thousands of GEL Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
CET 1 capital 4,096,919 4,235,033 3,667,479 11.7% -3.3%
Tier 1 capital 4,635,979 4,772,913 4,179,559 10.9% -2.9%
Total capital 5,290,327 5,374,301 4,601,884 15.0% -1.6%
Total risk-weighted assets 24,607,358 24,336,690 20,767,052 18.5% 1.1%

Minimum CET 1 ratio 14.5% 14.3% 14.3% 0.2 pp 0.2 pp

CET 1 capital adequacy ratio 16.6% 17.4% 17.7% -1.1 pp -0.8 pp

Minimum Tier 1 ratio 16.8% 16.6% 16.7% 0.1 pp 0.2 pp

Tier 1 capital adequacy ratio 18.8% 19.6% 20.1% -1.3 pp -0.8 pp

Minimum total capital adequacy ratio 19.9% 19.8% 19.7% 0.2 pp 0.1 pp
Total capital adequacy ratio 21.5% 22.1% 22.2% -0.7 pp -0.6 pp

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Uzbekistan

As of 31 March 2024, our capital ratios for Uzbek bank decreased due to rapid growth in the loan book.

Mar'24 Dec'23 Mar'23 Change YoY Change QoQ

Minimum CET 1 ratio 8.0% 8.0% 8.0% 0.0 pp 0.0 pp
CET 1 capital adequacy ratio 12.7% 15.4% 23.1% -10.4 pp -2.7 pp

Minimum Tier 1 ratio 10.0% 10.0% 10.0% 0.0 pp 0.0 pp

Tier 1 capital adequacy ratio 12.7% 15.4% 23.1% -10.4 pp -2.7 pp

Minimum total capital adequacy ratio 13.0% 13.0% 13.0% 0.0 pp 0.0 pp
Total capital adequacy ratio 16.2% 16.3% 23.6% -7.4 pp -0.1 pp

Loan portfolio

As of 31 March 2024, the gross loan portfolio reached GEL 22,545.2 million, up by 23.1% YoY and 2.1% QoQ, or up by
20.6% YoY and 2.6% QoQ on a constant currency basis.

In 1Q 2024, our Georgian financial services loan portfolio increased by 20.7% on a YoY and 1.6% on a QoQ basis and reached
GEL 21,594.0 million, with 17.9% YoY and 2.0% QoQ growth on a constant currency basis. Over the same period, our Uzbek
portfolio increased more than doubled YoY and by 16.5% QoQ. Quarterly growth translated into growth of 18.8% on a
constant currency basis.
In thousands of GEL
Gross loans and advances to customers Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Georgian financial services (Georgia FS)* 21,594,026 21,257,692 17,896,929 20.7% 1.6%
Retail Georgia 7,682,858 7,513,229 6,739,925 14.0% 2.3%
CIB Georgia 8,419,450 8,283,723 6,512,092 29.3% 1.6%
MSME Georgia 5,506,736 5,480,822 4,663,394 18.1% 0.5%
Uzbekistan 928,553 796,930 407,993 127.6% 16.5%
Total gross loans and advances to customers** 22,545,189 22,073,679 18,321,341 23.1% 2.1%
* Georgian FS includes sub-segment eliminations
** Total gross loans and advances to customers include Azerbaijan loan portfolio

1Q'24 4Q'23 1Q'23 Change YoY Change QoQ

Loan yields 12.7% 12.7% 12.4% 0.3 pp 0.0 pp
GEL 14.1% 14.6% 14.9% -0.8 pp -0.5 pp
FC 8.6% 8.7% 8.2% 0.4 pp -0.1 pp
UZS 43.2% 41.7% 43.6% -0.4 pp 1.5 pp
Georgia FS 11.4% 11.7% 11.7% -0.3 pp -0.3 pp
GEL 14.1% 14.6% 14.9% -0.8 pp -0.5 pp
FC 8.6% 8.7% 8.2% 0.4 pp -0.1 pp
Uzbekistan 43.2% 41.7% 43.6% -0.4 pp 1.5 pp
UZS 43.2% 41.7% 43.6% -0.4 pp 1.5 pp
Total loan yields* 12.7% 12.7% 12.4% 0.3 pp 0.0 pp
* Total loans yields include Azerbaijan

Loan portfolio quality

PAR 90 Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Georgia FS* 1.2% 1.1% 1.2% 0.0 pp 0.1 pp
Retail Georgia 0.8% 0.8% 1.1% -0.3 pp 0.0 pp
CIB Georgia 0.7% 0.7% 0.8% -0.1 pp 0.0 pp
MSME Georgia 2.5% 2.2% 2.2% 0.3 pp 0.3 pp
Uzbekistan 2.1% 1.9% 2.0% 0.1 pp 0.2 pp
Total PAR 90** 1.2% 1.1% 1.3% -0.1 pp 0.1 pp
* Georgian FS includes sub-segment eliminations
** Total PAR 90 includes Azerbaijan

In thousands of GEL
Non-performing Loans (NPL) Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Georgia FS* 466,110 425,061 386,474 20.6% 9.7%
Retail Georgia 125,625 127,102 138,234 -9.1% -1.2%
CIB Georgia 137,849 114,130 88,830 55.2% 20.8%
MSME Georgia 202,636 183,829 159,410 27.1% 10.2%
Uzbekistan 19,222 15,006 8,176 135.1% 28.1%
Total non-performing loans** 486,058 440,750 396,433 22.6% 10.3%
* Georgian FS includes sub-segment eliminations
** Total non-performing loans include Azerbaijan NPLs

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 NPL to gross loans Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Georgia FS* 2.2% 2.0% 2.2% 0.0 pp 0.2 pp
Retail Georgia 1.6% 1.7% 2.1% -0.5 pp -0.1 pp
CIB Georgia 1.6% 1.4% 1.4% 0.2 pp 0.2 pp
MSME Georgia 3.7% 3.4% 3.4% 0.3 pp 0.3 pp
Uzbekistan 2.1% 1.9% 2.0% 0.1 pp 0.2 pp
Total NPL to gross loans** 2.2% 2.0% 2.2% 0.0 pp 0.2 pp
* Georgian FS includes sub-segment eliminations
** Total NPL to gross loans include Azerbaijan NPLs

Mar’24 Dec’23 Mar’23

Provision Total Provision Total Provision Total
NPL Coverage
Coverage Coverage*** Coverage Coverage*** Coverage Coverage***
Georgia FS* 68.1% 136.6% 73.4% 142.2% 89.7% 152.1%
Retail Georgia 121.3% 183.6% 120.4% 179.5% 143.3% 188.1%
CIB Georgia 44.0% 105.2% 46.9% 110.6% 51.5% 114.6%
MSME Georgia 51.5% 128.8% 57.5% 136.0% 64.6% 140.9%
Uzbekistan 220.8% 220.8% 222.3% 222.3% 189.7% 189.7%
Total NPL coverage** 74.4% 140.3% 79.8% 146.3% 92.9% 154.8%
* Georgian FS includes sub-segment eliminations
** Total NPL coverage include Azerbaijan loans coverage
** Total NPL coverage ratio includes provision and collateral coverage

Cost of risk (CoR) 1Q'24 4Q'23 1Q'23 Change YoY Change QoQ
Georgia FS* 0.7% 0.6% 1.0% -0.3 pp 0.1 pp
Retail Georgia 1.1% 0.1% 1.4% -0.3 pp 1.0 pp
CIB Georgia 0.4% 0.3% -0.1% 0.5 pp 0.1 pp
MSME Georgia 0.7% 1.8% 2.1% -1.4 pp -1.1 pp
Uzbekistan 5.5% 4.9% 5.6% -0.1 pp 0.6 pp
Total cost of risk** 0.8% 0.8% 1.1% -0.3 pp 0.0 pp
* Georgian FS includes sub-segment eliminations
** Total cost of risk includes Azerbaijan CoR

Deposit portfolio

As of 31 March 2024, deposit portfolio reached GEL 20,838.8 million, up by 20.5% YoY and 2.3% QoQ, or up by 17.9%
YoY and 2.5% QoQ on a constant currency basis.

In 1Q 2024, our Georgian financial services deposit portfolio increased by 19.2% on a YoY and 1.6% on a QoQ basis and
reached GEL 20,219.9 million, with 16.4% YoY and 1.7% QoQ growth on a constant currency basis. Over the same period,
our Uzbek portfolio almost doubled YoY and by 13.0% QoQ. The quarterly increase was translated into growth of 15.2% on
a constant currency basis.
In thousands of GEL
Customer accounts Mar'24 Dec'23 Mar'23 Change YoY Change QoQ
Georgia FS* 20,219,932 19,900,342 16,958,444 19.2% 1.6%
Retail Georgia 7,498,419 7,469,587 6,455,890 16.1% 0.4%
CIB Georgia 9,833,975 10,200,321 8,431,537 16.6% -3.6%
MSME Georgia 1,869,140 1,900,459 1,593,375 17.3% -1.6%
MOF 1,110,024 515,079 609,283 82.2% 115.5%
Uzbekistan 657,190 581,483 374,429 75.5% 13.0%
Total customer accounts** 20,838,768 20,375,498 17,297,630 20.5% 2.3%
* Georgian FS includes sub-segment eliminations
** Total customer accounts are adjusted for eliminations

1Q'24 4Q'23 1Q'23 Change YoY Change QoQ

Deposit rates 5.4% 5.1% 4.9% 0.5 pp 0.3 pp
GEL 8.0% 8.1% 8.8% -0.8 pp -0.1 pp
FC 1.3% 1.1% 0.7% 0.6 pp 0.2 pp
UZS 25.5% 25.0% 25.4% 0.1 pp 0.5 pp
Georgian financial services 4.8% 4.5% 4.5% 0.3 pp 0.3 pp
GEL 8.0% 8.1% 8.8% -0.8 pp -0.1 pp
FC 1.3% 1.1% 0.7% 0.6 pp 0.2 pp
Uzbek business 25.4% 24.9% 25.3% 0.1 pp 0.5 pp
FC 3.7% 3.8% 4.9% -1.2 pp -0.1 pp
UZS 25.5% 25.0% 25.4% 0.1 pp 0.5 pp
Total deposit rates* 5.4% 5.1% 4.9% 0.5 pp 0.3 pp
* Total deposits rates include MOF deposits

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Additional information

1) Financial disclosures by business lines

Business line definitions

According to the updated segment definition starting from 1 January 2023, the operating segments are defined as follows:
• Georgian financial services (GFS) - include JSC TBC Bank with its Georgian subsidiaries and JSC TBC Insurance
with its subsidiary. The Georgia financial service segment consists of three major business sub-segments, while the
treasury, leasing and insurance businesses are combined into the corporate and other sub-segments:
o Corporate and investment banking (CIB) – a legal entity/group of affiliated entities with an annual
revenue exceeding GEL 20 million or which has been granted facilities of more than GEL 7.5 million. Some
other business customers may also be assigned to the CIB segment or transferred to the micro, small and
medium enterprises segment on a discretionary basis. In addition, CIB includes Wealth Management private
banking services to high-net-worth individuals with a threshold of USD 250,000 on assets under
management (AUM), as well as on discretionary basis;
o Retail – non-business individual customers;
o Micro, small and medium enterprises (MSME) – business customers who are not included in the CIB
sub-segment.
• Uzbekistan – TBC Bank Uzbekistan with respective subsidiaries and Payme (Inspired LLC).
• Other – includes non-material or non-financial subsidiaries of the group and intra-group eliminations.

Income statement and other comprehensive income by business lines as of 1Q 2024

In thousands of GEL Georgia FS Uzbekistan Other** Group

Interest income 736,833 101,324 2,197 840,354
Interest expense* (351,165) (47,028) 683 (397,510)
Net interest income 385,668 54,296 2,880 442,844
Fee and commission income 148,492 28,073 2,923 179,488
Fee and commission expense (67,249) (7,899) (37) (75,185)
Net fee and commission income 81,243 20,174 2,886 104,303
Net insurance income 7,976 - (173) 7,803
Net gains/(losses) from currency derivatives, foreign currency operations and
64,629 (426) (2,734) 61,469
translation
Net gains from disposal of investment securities measured at fair value through
233 - - 233
other comprehensive income
Other operating income 1,319 1 49 1,369
Share of loss of associates (41) - - (41)
Other operating non-interest income 74,116 (425) (2,858) 70,833
Credit loss (allowance)/recovery for loans to customers (36,825) (11,753) 4,678 (43,900)
Credit loss allowance for finance lease receivable (1,548) (403) (95) (2,046)
Credit loss allowance for performance guarantees and credit related
(394) - - (394)
commitments
Credit loss recovery/(allowance) for other financial assets 1,710 (120) - 1,590
Credit loss allowance for financial assets measured at fair value through other
(335) - - (335)
comprehensive income
Net impairment of non-financial assets (23) - (23) (46)
Operating income after expected credit and non-financial asset impairment
503,612 61,769 7,468 572,849
losses
Staff costs (101,240) (12,974) (12,349) (126,563)
Depreciation and amortisation (29,265) (2,759) (2,084) (34,108)
Allowance of provision for liabilities and charges 78 - - 78
Administrative and other operating expenses (44,842) (24,635) 399 (69,078)
Operating expenses (175,269) (40,368) (14,034) (229,671)
Profit before tax 328,343 21,401 (6,566) 343,178
Income tax expense (43,704) (2,964) (39) (46,707)
Profit for the period 284,639 18,437 (6,605) 296,471
Profit attributable to:
- Shareholders of TBCG 284,634 18,437 (10,266) 292,805
- Non-controlling interest 5 - 3,661 3,666
Profit for the period 284,639 18,437 (6,605) 296,471
* Interest expense includes net interest gains from currency swaps
** Includes Azerbaijan, TNET, other subsidiaries and intra-group eliminations

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Balance sheet by business lines as of 31 March 2024

In thousands of GEL Georgia FS Uzbekistan Other* Group

ASSETS
Cash and cash equivalents 2,969,683 185,828 (8,122) 3,147,389
Due from other banks 24,268 - 28 24,296
Mandatory cash balances with National Bank of Georgia and
1,552,123 5,098 - 1,557,221
the Central Bank of Uzbekistan
Loans and advances to customers 21,276,764 886,119 20,646 22,183,529
Investment securities measured at fair value through other
3,875,799 - - 3,875,799
comprehensive income
Bonds carried at amortised cost 13,969 59,129 - 73,098
Finance lease receivables 364,757 39,142 7,487 411,386
Investment properties 15,921 - - 15,921
Investments in associates 18,106 - (14,613) 3,493
Current income tax prepayment 5,201 - 245 5,446
Deferred income tax asset - 3,966 405 4,371
Other financial assets 292,776 42,004 (23,353) 311,427
Other assets 428,817 20,645 4,709 454,171
Premises and equipment 495,328 16,070 6,301 517,699
Right of use assets 118,386 4,663 3,831 126,880
Intangible assets 367,873 32,078 89,494 489,445
Goodwill 28,197 1,912 29,855 59,964
TOTAL ASSETS 31,847,968 1,296,654 116,913 33,261,535
LIABILITIES
Due to credit institutions 3,601,828 183,940 (83,251) 3,702,517
Customer accounts 20,219,932 657,190 (38,354) 20,838,768
Other financial liabilities 725,674 42,185 (130,920) 636,939
Current income tax liability 11,774 - 172 11,946
Deferred income tax liability 53,315 - - 53,315
Debt Securities in issue 1,286,535 - 215,116 1,501,651
Provision for liabilities and charges 21,118 - - 21,118
Other liabilities 70,858 43,336 2,129 116,323
Lease liabilities 90,136 5,950 3,415 99,501
Subordinated debt 1,050,650 43,151 (43,610) 1,050,191
Redemption liability - - 375,350 375,350
TOTAL LIABILITIES 27,131,820 975,752 300,047 28,407,619
EQUITY
Share capital 29,148 331,684 (359,142) 1,690
Shares held by trust - - (45,675) (45,675)
Share premium 521,190 35,723 (261,308) 295,605
Retained earnings 4,217,188 (4,828) 258,016 4,470,376
Merger reserve - 67 402,795 402,862
Share based payment reserve (85,276) - 70,587 (14,689)
Fair value reserve for investment securities measured at fair
33,696 - - 33,696
value through other comprehensive income
Cumulative currency translation reserve - (41,746) (12,991) (54,737)
Other reserves - 2 (375,322) (375,320)
Equity attributable to owners of the parent 4,715,946 320,902 (323,040) 4,713,808
Non-controlling interest 202 - 139,906 140,108
TOTAL EQUITY 4,716,148 320,902 (183,134) 4,853,916
TOTAL LIABILITIES AND EQUITY 31,847,968 1,296,654 116,913 33,261,535
* Includes Azerbaijan, TNET, other subsidiaries and intra-group eliminations

Key ratios by business lines

1Q’24 Georgia FS Uzbekistan Group

Profitability ratios:
ROE1 24.0% 23.7% 25.1%
ROA2 3.6% 6.5% 3.6%
Cost to income3 32.4% 54.5% 37.2%
NIM4 5.9% 23.6% 6.5%
Loan yields5 11.4% 43.2% 12.7%
Deposit rates6 4.8% 25.4% 5.4%
Cost of funding7 5.4% 24.1% 6.0%

Asset quality & portfolio concentration:

Cost of risk8 0.7% 5.5% 0.8%
PAR 90 to gross loans9 1.2% 2.1% 1.2%
NPLs to gross loans10 2.2% 2.1% 2.2%
NPL provision coverage11 68.1% 220.8% 74.4%
Total NPL coverage12 136.6% 220.8% 140.3%

For the ratio definitions and exchange rates, please refer to appendix 3.
15
2) Glossary
Terminology Definition
BVPS Book value per share
CBU Central Bank of Uzbekistan
Consumer loans Unsecured loans to individuals
Digital daily active users (Digital DAU) The number of retail digital users, who logged into our digital channels at least once per day
Digital monthly active users
The number of retail digital users, who logged into our digital channels at least once a month
(Digital MAU)
EPS Earnings per share
GMV equals the total value of sales over the given period, including auctions through housing and auto
Gross merchandise value (GMV)
platforms, as well as listing fees
For Georgian business, an individual user who has at least one active product as of the reporting date or
Monthly active customers performed at least one transaction during the past month. For Uzbek business, an individual user who
logged into the digital application at least once during the month
NBG National Bank of Georgia

3) Ratio definitions and exchange rates

Ratio definitions
1. Return on average total equity (ROE) equals profit attributable to owners divided by the monthly average of total shareholders’ equity attributable
to the PLC’s equity holders for the same period; annualised where applicable.
2. Return on average total assets (ROA) equals profit of the period divided by monthly average total assets for the same period; annualised where
applicable.
3. Cost to income ratio equals total operating expenses for the period divided by the total revenue for the same period. (Revenue represents the sum
of net interest income, net fee and commission income and other non-interest income).
4. Net interest margin (NIM) is net interest income divided by monthly average interest-earning assets; annualised where applicable. Interest-earning
assets include investment securities (excluding CIB shares), net investment in finance lease, net loans, and amounts due from credit institutions.
5. Loan yields equal interest income on loans and advances to customers divided by monthly average gross loans and advances to customers;
annualised where applicable.
6. Deposit rates equal interest expense on customer accounts divided by monthly average total customer deposits; annualised where applicable.
7. Cost of funding equals sum of the total interest expense and net interest gains on currency swaps (entered for funding management purposes),
divided by monthly average interest-bearing liabilities; annualised where applicable.
8. Cost of risk equals credit loss allowance for loans to customers divided by monthly average gross loans and advances to customers; annualised
where applicable.
9. PAR 90 to gross loans ratio equals loans for which principal or interest repayment is overdue for more than 90 days divided by the gross loan
portfolio for the same period.
10. NPLs to gross loans equals loans with 90 days past due on principal or interest payments, and loans with a well-defined weakness, regardless of
the existence of any past-due amount or of the number of days past due divided by the gross loan portfolio for the same period.
11. NPL provision coverage equals total credit loss allowance for loans to customers divided by the NPL loans.
12. Total NPL coverage equals total credit loss allowance plus the minimum of collateral amount of the respective NPL loan (after applying haircuts
in the range of 0%-50% for cash, gold, real estate and PPE) and its gross loan exposure divided by the gross exposure of total NPL loans.
13. Credit loss level to gross loans equals credit loss allowance for loans to customers divided by the gross loan portfolio for the same period.
14. Related party loans to total loans equals related party loans divided by the gross loan portfolio.
15. Top 10 borrowers to total portfolio equals the total loan amount of the top 10 borrowers divided by the gross loan portfolio.
16. Top 20 borrowers to total portfolio equals the total loan amount of the top 20 borrowers divided by the gross loan portfolio.
17. Net loans to deposits plus IFI funding ratio equals net loans divided by total deposits plus borrowings received from international financial
institutions.
18. Leverage equals total assets to total equity.
19. Net stable funding ratio equals the available amount of stable funding divided by the required amount of stable funding as defined by NBG in
line with Basel III guidelines. Calculations are made for TBC Bank standalone.
20. Liquidity coverage ratio equals high-quality liquid assets divided by the total net cash outflow amount as defined by the NBG. Calculations are
made for TBC Bank standalone.
21. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the NBG Basel III
standards. Calculations are made for TBC Bank standalone.
22. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III
standards. Calculations are made for TBC Bank standalone.
23. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the NBG Basel III
standards. Calculations are made for TBC Bank standalone.
24. CET 1 CAR equals CET 1 capital divided by total risk weighted assets, both calculated in accordance with requirements of the CBU in national
accounting standards. Calculations are made for TBC UZ Bank standalone.
25. Tier 1 CAR equals tier I capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national
accounting standards. Calculations are made for TBC UZ Bank standalone.
26. Total CAR equals total capital divided by total risk weighted assets, both calculated in accordance with the requirements of the CBU in national
accounting standards. Calculations are made for TBC UZ Bank standalone.

Exchange rates
To calculate the QoQ growth of the balance sheet items without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.6894
as of 31 December 2023. To calculate the YoY growth without the currency exchange rate effect, we used the USD/GEL exchange rate of 2.5604
as of 31 March 2023. As of 31 March 2024, the USD/GEL exchange rate equalled 2.6953. For P&L items growth calculations without the currency
effect, we used the average USD/GEL exchange rate for the following periods: 4Q 2023 of 26943 and 1Q 2023 of 2.6372. As of 1Q 2024, the
USD/GEL exchange rate equalled 2.6713.

16