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Investing.com -- TBC Bank Group PLC (LON:TBCG) reported higher second-quarter earnings on Friday, supported by continued growth in Uzbekistan.
The lender’s London-listed shares fell roughly 10% after the release.
TBC, which also operates in Georgia, posted a 3.1% year-on-year rise in pretax profit to 402,294 lari ($147,360), while operating income increased 23% to 834,627 lari.
Net profit also rose 3.1% to 346,275 lari.
The bank said demand for its Salom Card in Uzbekistan had surpassed expectations, with more than 500,000 cards issued by the end of June. It continues to expand its digital banking platform and loan portfolio in the country.
TBC’s common equity tier 1 ratio improved to 20% from 16.4% a year earlier.
The board declared a quarterly dividend of 1.75 lari per share, taking the first-half payout to 3.25 lari per share, and unveiled a 75 million lari share-buyback program set to begin in the second half of August.
The group said it remains on track to achieve its full-year objectives.
“The Group continued to deliver strong results in the first half of the year, reflecting solid progress across our strategic priorities. As we enter the second half of the year, we remain focused on meeting our 2025 targets and continuing to create long-term value for our shareholders," the company said.