Half Year Results 

TBC shrugs off Turkish concerns

TBC shrugs off Turkish concerns

The Turkish economy may be going haywire, but management at Georgia’s largest banking group, TBC Bank (TBCG), doesn’t expect it to substantially hold back growth in the accelerating domestic economy. It reckons the downturn in the neighbouring economy should have a negative impact equivalent to around 0.5 per cent of GDP this year, but that’s against an annual forecast of around 5.5 per cent growth by the National Bank of Georgia. The backdrop seems positive judging by TBC’s first-half performance, with the group posting a robust 23 per cent underlying return on equity, up 50 basis points on the prior year.

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