TBC Bank Group PLC on Thursday said it expects full-year net profit to be slightly below its 1.5 billion Georgian Lari target, citing challenges from a faster-than-expected business pivot in Uzbekistan.
The London-listed bank reported a net profit of 1.03 billion Lari for the first nine months of 2025, a 6.2% increase from the same period a year earlier, while third-quarter net profit rose 6.1% to 368 million Lari.
The company attributed the revised forecast to a rapid shift from microloans to lending for small and medium-sized enterprises in Uzbekistan, prompted by regulatory changes.
"Consequently, we anticipate Group net profit to be slightly below our GEL 1.5 billion target," Chief Executive Vakhtang Butskhrikidze said in a statement.
The warning comes as TBC invests heavily in its digital banking operations in Uzbekistan, which recently included an agreement to acquire the online classifieds platform OLX Uzbekistan.
The bank's core Georgian business remained strong and consistent, according to the company.
Despite the revised outlook, the board declared a third-quarter dividend of 1.75 Lari per share.