Portfolio

Peel Hunt reiterates 'buy' rating on 'well positioned' TBC Bank

By Iain Gilbert

Date: Wednesday 15 Aug 2018

Peel Hunt reiterates 'buy' rating on 'well positioned' TBC Bank

(Sharecast News) - Analysts at Peel Hunt reiterated their 'buy' rating on TBC Bank on Wednesday, saying they were "confident" the Georgian banking group's underlying results would again highlight the consistency of its returns.
Having spoken with management across the bank's divisions, the broker said TBC was "well positioned" to continue serving the needs of the booming Georgian economy, as well as meeting the ongoing developments of banking.

Peel Hunt noted that TBC's long-term ambition of being the best digital financial services company in the region was evidenced in its ongoing innovation, particularly in the launch of Space Bank, its cloud-based, digital-only neobank.

In addition to maintaining its 'buy' recommendation, Peel Hunt also reiterated its 2,150p target price on the group.

Peel Hunt expects TBC's net loan book to grow to GEL 8.9bn (£2.67bn), while its first-half pre-tax profits estimate of GEL 210m (£63.22m) was 2% below consensus forecasts of GEL 213m.

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