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UK-listed largest bank in Georgia, offering retail, corporate and digital banking, expanding into Uzbekistan.
UK-listed largest bank in Georgia, offering retail, corporate and digital banking, expanding into Uzbekistan.
Earns mainly from the spread between lending and deposit rates in Georgia, with fees from payments and cards, where loans and deposits are often in dollars as well as the local currency. Although listed in London, the business operates only in Georgia and Uzbekistan, where it is building a digital bank from a smaller base.
In one line: A UK-listed emerging-market bank, Georgia's largest.
Moat: narrow (scale, brand, distribution). Largest bank in Georgia with a leading digital-banking platform and branch network.
Headquarters: Tbilisi, Georgia · Founded: 1992
Size TBC Bank (TBCG.L) is a United Kingdom Financials company (Major Banks) with a market value of $3.64B, the 115th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £4,856 on 6 Nov 2026.
Performance Over six months the shares gained 10.6%, against +5.5% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 16.1% over the last twelve months (peer median +8.7%); the operating margin is 42.3% (peer median 32.3%).
Valuation It trades at 1.40× book value against a peer median of 0.97× (7th most expensive of 21).
Price implies The share price implies a return on equity of about 15.7%; TBC Bank delivers 23.8%, so the price asks less than the business earns today.
Credit TBC Bank has 1 bond outstanding ($300M).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.82B | £1.69B | £1.50B | £1.24B | £883M |
| Revenue growth | — | +13% | +20% | +41% | — |
| Net income | £410M | £387M | £369M | £345M | £278M |
| Free cash flow | n/a | £471M | £387M | £355M | £278M |
| Capital expenditure | n/a | £107M | £97.9M | £80.7M | £63.2M |
| Total debt | £2.67B | £2.88B | £2.95B | £1.98B | £1.84B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| TBC Bank TBCG.L | $3.64B | +11% | +16% | 24% | 1.40× | 15.7% |
| Lion Finance BGEO.L | $7.39B | +20% | +19% | 27% | 1.89× | 21.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TBCG.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.6% | -0.1% | 11th highest of 21 |
| 6-month return | +10.6% | +5.5% | 6th highest of 21 |
| Return on equity | 23.8% | 8.9% | 2nd highest of 21 |
| Price / book | 1.40× | 0.97× | 7th most expensive of 21 |
| Trailing P/E | 6.6× | 14.6× | 2nd cheapest of 20 |
| ROE the price implies | 15.7% | 9.8% | 3rd most demanding of 19 |
| ROE delivered | 23.8% | 8.9% | 2nd highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| TBC Bank TBCG.L | United Kingdom | $3.64B | +11% | +16% | 24% | 1.40× | 15.7% | 23.8% |
| JB Financial 175330.KS | South Korea | $3.67B | 0% | +9% | 13% | 0.94× | 5.3% | n/a |
| Nicolet Bankshares NIC | United States | $3.60B | +18% | +46% | 10% | 1.62× | 11.5% | 10.2% |
| Dave DAVE | United States | $3.55B | +9% | +49% | 105% | 17.09× | 291.2% | 104.8% |
| Daishi Hokuetsu Financial 7327.T | Japan | $3.73B | +9% | +18% | 9% | 0.94× | 6.3% | 8.6% |
| Sparebanken Norge SBNOR.OL | Norway | $3.78B | +8% | +62% | 7% | 0.71× | 6.1% | n/a |
| Kyushu Financial 7180.T | Japan | $3.79B | +7% | +15% | 5% | 0.73× | 6.6% | 4.9% |
| Community Financial System CBU | United States | $3.39B | +1% | +7% | 12% | 1.67× | 12.5% | 11.8% |
| Simmons First National SFNC | United States | $3.37B | +10% | +122% | 8% | 1.01× | 9.7% | 7.8% |
| Park National PRK | United States | $3.20B | +2% | +21% | 13% | 1.87× | 13.1% | 13.1% |
| Bank of Queensland BOQ.AX | Australia | $3.19B | +14% | -6% | 4% | 0.80× | 8.9% | 4.3% |
| Banque Cantonale de Geneve BCGE.SW | Switzerland | $3.17B | +12% | -3% | 10% | 1.01× | n/a | 9.9% |
| Flagstar Bank, National Association FLG | United States | $4.21B | -26% | -18% | 1% | 0.59× | 7.4% | 1.2% |
| BankUnited BKU | United States | $3.14B | -7% | -5% | 9% | 1.09× | 11.9% | 9.2% |
| Shiga Bank 8366.T | Japan | $3.12B | +11% | +23% | 4% | 0.76× | 3.9% | 4.4% |
| First Financial Bankshares FFIN | United States | $4.36B | -6% | +8% | 16% | 2.38× | 17.0% | 15.9% |
| Texas Capital Bancshares TCBI | United States | $4.39B | +1% | +3% | 10% | 1.34× | 9.8% | 10.2% |
| Liechtensteinische Landesbank LLBN.SW | Switzerland | $4.40B | +24% | -2% | 8% | 1.48× | n/a | 7.7% |
| Hyakugo Bank 8368.T | Japan | $2.98B | +4% | +29% | 6% | 0.85× | 8.0% | 6.4% |
| Central Bank of India CENTRALBK.NS | India | $2.93B | -18% | +8% | 12% | 0.67× | 10.9% | 12.0% |
| Banco Macro SA Sponsored ADR BMA | United States | $4.53B | -21% | +4% | 7% | 0.87× | 11.3% | 7.5% |
TBC Bank has 1 bond outstanding with $300M face value.