The FINANCIAL -- At an annual award ceremony in London, The Banker magazine announced TBC Bank as the winner of the “Bank of the Year” award of 2011 in Georgia.

The Awards celebrates those banks in 147 countries that have risen to the challenge, displaying innovation and economic efficiency.

Criteria for choosing the winners included growth in assets, profitability, strength of capital, technology projects and customer initiatives. This is the second international award TBC Bank has received this year after it was named the Best Bank in Georgia by Euromoney. In 2011 TBC Bank has further strengthened its position as a leading universal bank in the country.

The Bank outperformed the market, with an impressive growth in total assets of 32%, total loans of 28% and total deposits of 30% in the first 9 months of 2011. Such remarkable expansion boosted its market shares, reaching 25.0% in total assets, 25.7% in total loans and 28.8% in total deposits. The growth was supported by the improving profitability indicators for the period - return on equity ratio reached 24.2% and cost to income ratio improved from the previous annual indicator of 54.9% to 51.6%. 

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