TBC Bank Group PLC JSC TBC Bank's revised outlook by Fitch (1239U)
March 31 2021 - 04:50AM
UK Regulatory
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RNS Number : 1239U
TBC Bank Group PLC
31 March 2021
TBC Bank Group PLC announces the Bank's revised outlook by
Fitch
TBC Bank Group PLC announces that on 31 March 2021, the
international rating agency Fitch Ratings has revised the outlook
of its major subsidiary, the Bank to "Stable" from "Negative",
while affirming its Long-Term Issuer
Default Rating (IDR) at 'BB-'.
The revision of the Outlook to Stable reflects reduced pressure
on the Bank's credit profile from the health crisis and contraction
of the Georgian economy. Fitch Ratings expects that the Bank's
pre-impairment profit will be sufficient to absorb any additional
credit losses from the pandemic without jeopardizing its financial
profile. The Bank has entered the crisis with healthy capital
cushion and good performance metrics and Fitch believes the rating
can tolerate further moderate deterioration of asset quality.
For further enquiries, please contact:
Director of International Media and Investor Relations
Zoltan Szalai
Or
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC Bank Group PLC ("TBC PLC")
TBC Bank Group PLC ("TBC PLC") is a public limited company
registered in England and Wales. TBC PLC is the parent company of
JSC TBC Bank ("TBC Bank") and a group of companies that principally
operate in Georgia in the financial sector and other closely
related fields. TBC PLC also recently expanded its operations in
Uzbekistan. TBC PLC is listed on the London Stock Exchange under
the symbol TBCG and is a constituent of the FTSE 250 Index. It is
also a member of the FTSE4Good Index Series and the MSCI United
Kingdom Small Cap Index.
TBC Bank, together with its subsidiaries, is a leading universal
banking group in Georgia, with a total market share of 39.0% of
loans and 37.2% of non-banking deposits as of 31 December 2020,
according to data published by the National Bank of Georgia.
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