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TBC Bank annual profit plunges on pandemic hit

Feb 19 (Reuters) - Georgia’s largest banking group TBC Bank on Friday posted a slump in annual underlying profit due to lower interest rates and limited lending growth in the fourth quarter from the COVID-19 pandemic.

The FTSE 250-listed bank said underlying profit fell to 322.5 million lari ($97.96 million) for the 12 months ended Dec. 31, from 540.3 million lari a year earlier.

$1 = 3.2921 laris Reporting by Priyanshi Mandhan in Bengaluru; Editing by Sriraj Kalluvila

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