Tashkent, Uzbekistan (UzDaily.com) -- TBC Bank Uzbekistan received a net profit of US$5.4 million in 2023, the press service of TBC Group Uzbekistan said in a statement.

Today, TBC Group Uzbekistan represents three fintech companies in Uzbekistan - TBC Bank Uzbekistan, TBC Installment and the Payme payment service.

According to TBC Group Uzbekistan, the number of users of the group’s products has grown significantly, reaching 15.7 million.

The number of monthly active users (MAU) of Payme increased by 800 thousand and reached 3.4 million. At the same time, the number of daily active users (DAU) over the same period increased by 90 thousand to 473 thousand.

The number of monthly active users (MAU) of TBC Bank Uzbekistan increased by 2.3 times and reached 965 thousand users.

TBC Bank Uzbekistan’s loan portfolio grew by more than 2.3 times and amounted to US$301.7 million. This expansion reflects customer confidence in TBC Bank Uzbekistan’s offerings and its ability to effectively meet their financial needs, TBC Group Uzbekistan said.

The portfolio of client funds grew rapidly, reaching US$219 million. This jump highlights the growing confidence of clients in TBC Bank Uzbekistan’s deposit products and services, further strengthening its position in the market, the group notes.

The group’s net profit increased significantly, reaching US$21.8 million, equivalent to 26% ROE. TBC Bank Uzbekistan reached the break-even point in 2023 and ended the year with a net profit of US$5.4 million, TBC Group Uzbekistan emphasizes.

In 2023, a record annual capital injection of US$50.5 million was made, the total volume of capital investments over the 3 years of the bank’s existence reached US$129.9 million.

Nika Kurdiani, CEO of TBC Group Uzbekistan noted: “We not only continue to grow (we already have more than 1.2 thousand employees), but also create new standards in the industry. Our mission is not just to provide online banking services, but to change the landscape of the financial market. 2023 is just the beginning of our journey to innovation and a successful future.”

TBC Bank Uzbekistan became one of the first digital banks in Uzbekistan. It is part of TBC Bank Group PLC. TBC Bank Uzbekistan began its operations in 2020. TBC Bank Uzbekistan serves customers through its innovative fintech platform, offering retail banking solutions through a mobile application. Today, more than 4 million registered users have access to banking services without leaving home.

Payme is one of the leading companies in the fintech industry of Uzbekistan. More than 11.6 million users across the country trust the payment application to solve daily problems. Payme provides users with the opportunity to make card-to-card transfers, pay for utilities and government services, manage their finances, pay in cafes and restaurants, and much more. Payme was founded in 2012 as an Internet acquiring system. In 2016, the company launched its main product - the Payme mobile application.

In April 2019, TBC acquired a 51% stake in Payme for US$5.5 million, valuing the company at US$10.8 million. In May 2023, TBC Group Uzbekistan acquired the remaining 49% stake in Payme, valued at US$113.6 million, asserting its leadership in fintech -industry of the region.