Dear ladies and gentlemen, thank you for joining our Q1 2023 financial results conference call. I'm Anna Romelashvili, Head of Investor Relations at TBC Bank. The presenters today are Vakhtang Butskhrikidze, CEO of the group, and Giorgi Megrelishvili, the CFO. We will start today's call with a short presentation and provide an update about our financial and business performance. We will also briefly discuss the recent macroeconomic development in the country. After the presentation, you'll have the opportunity to ask questions. I would like to hand over to Vakhtang. Thank you, Ana. Dear all, thank you for joining our Q1 financial results conference call. The Q1 of this year has been successful, and I'd like to take this opportunity to summarize our key achievements. I will start my presentation on slide three, which summarizes the group's position across our three core strategic pillars. We are the lead financial institution in Giorgia with a market share of around 40% in total loans and deposits and 1.5 million monthly active customers. We also operate two fintechs in Uzbekistan, which already contributes 5% to the group net profit and serves 3.6 million monthly active customers. In addition to the largest digital ecosystem in Giorgia, TNET, which reached an MOI GMV of GEL 120 million in the Q1 and which has 1.5 million monthly active customers. The next slide presents our key highlights of the Q1. In the Q1, the group generated an excellent return of equity of 25.2%. Our CET1 also remains strong at 17.7% per net IFRS methodology, which is 3.4 percentage points above the minimum regulatory requirements. At the same time, our balance sheet growth was impressive, with our loan book portfolio increasing by 17% and deposit rising by 28%, both on the constant currency basis. I also like to share that our Uzbek operations have continued to perform exceptionally well, and Uzbek operations return of equity in the Q1 reached 28.1%. At the same time, the share of Uzbek loans in the group's consumer book increased to 14%. Our digital user base also continues to expand, with digital monthly active users across the group reaching 4.4 million, marked by an impressive year-on-year growth and daily active users to monthly active users ratio standing at 32%. In Giorgian operations, the daily active users to monthly active users ratio stood even higher at 44%. Moving on to slide five, I'd like to briefly go over the financial performance in the Q1. Our net profit grew by 40% year-on-year, reaching GEL 255 million, while our return of equity stood at 25.2% as mentioned above. The year-over-year slight decrease in return of equity was mainly related to normalization of our cost of risk, which stood at 0.3% a year ago. At the same time, cost to income ratio decreased to 34.3%, once again, proving our increasing efficiency. Before I review our performance in more detail, let me provide you with a brief update on recent key macro developments in Giorgia. In the Q1, real GDP growth remained strong at 7.2%, while inflation decreased to 2.7% in April. Total inflows grew by an impressive 38%, driven by all types of categories, highlighting the resilience and diversity of the Giorgian economy. Finally, international reserves have exceeded $5 billion, while the fiscal deficit has narrowed to 2.8%. The next slide further show the Giorgian solid economic fundamentals. As already mentioned, year-over-year growth in the Q1 was driven by an impressive and diverse range of inflows. Namely, exports grew by 25%, tourism revenue increased by 102%, while remittances increased by 35%. Slide eight shows that Giorgia's inflation keeps cooling and the currency continues to strengthen. As already mentioned, inflation decreased to 2.7%, and we expect it to remain below National Bank of Giorgia's target level of 3% in the second half of the year. Also, yesterday, National Bank of Giorgia cut the refinance rate by 0.5% to 10.5%, and we anticipate a further decrease by around 100 basis points by the end of the year. Despite the recent appreciation of the Lari, we believe that it is only moderate above its long-term trend, and we expect it to stay around the current level during this year. Now let's turn to on slide 10, and I'm proud to share that our customer base and the digital engagement grew further in the Q1. The group's retail monthly active users grew by an outstanding 46% year-on-year, reaching 5.1 million across two geographies, which once again reflects the success of our customer-centric approach. As for the digital customers, both daily active users and monthly active users demonstrated impressive growth, which result in a daily active users to monthly active users ratio of 32% on a group's level, while it has stood at 44% in Giorgia. Moving on to slide 11, you can see our leadership positioning across all major segments in Giorgia. In the Q1, our loan book growth was mainly driven by retail and MSME segments, which grew by 80% and 20% respectively on constant currency basis. At the same time, deposits increased mainly due to CIB and retail segments, which grew by 20% and 40% respectively without FX effects. Next slide highlight the strong growth of our payment business in Giorgia. In Q1, merchant acquiring transaction volume grew year-over-year by 90%, driven by both POS and e-commerce transactions. Meanwhile, volume and transactions with TBC cards increased by 33% with monthly active cardholders reaching almost 1 million. On slide 13, I'd like to highlight some of the recent developments in our digital ecosystem, TNET. In March, TNET launched the first-ever Super App in Giorgia. The Super App, which gradually include all TNET platforms as well as many external partners. This will give us a significant competitive edge and expansion opportunities. The next slide dives into a bit more detail on our digital ecosystem. In the Q1, GMV increased two times year-over-year, reaching GEL 30 million. The primary contributor to impressive increase are the lifestyle and housing segments. Over the same period, loans disbursed through TNET reached GEL 24 million accounting for 4% share of TBC retail loan disbursements. Also, it is important to highlight that monthly active users reached 1.5 million, up by 27% year-over-year. As our ecosystem business continues to grow, we expect to increase its positive contribution to the group's fee and commission income and retail loan generation. Now it's my pleasure to share more about our fast-growing operations in Uzbekistan. As you know, we operate two digital fintech companies in Uzbekistan, a mobile-only consumer bank and digital payment application for both business and individuals. TBC UZ and Payme are now both positive contributors to group's earnings. Their combined net profit share in total group's net profit is 5%, and their return of equity was 28.1%, while their monthly active users reached 3.6 million. With such outstanding performance, we are rapidly approaching our medium-term target, which is Uzbek operation to generate 10% to 15% of the group's net earnings. On slide 16, I'd like to highlight the excellent performance of our payment subsidiary, Payme, the leading payments provider in Uzbekistan. The number of monthly active users grew 72% year-over-year, reaching 3.1 million, while daily active users increased by 33% to 800,000. Net profit also doubled year-over-year as payment volumes grew by 57% and reached UZS 2.2 billion. Finally, on the slide 17, let's turn to TBC UZ that has turned profitable on a standalone basis since the beginning of the year. Registered and monthly active users have grown by 80% and 66% respectively. At the same time, TBC UZ continued to grow its market share in both deposits and loans, while revenue grew 8 times year-over-year to GEL 26 million and business moved to profitability in the Q1, with net profit at GEL 1 million. Now, I'd like to hand over to Giorgi. Giorgi, please. Thanks, Vakhtang. Now I would like to dive a bit deeper into our financial performance and present the key elements of our strong and very promising start to the year. I will start from slide 19. As you can see from this slide, net profit was up by 14% year-on-year, reaching GEL 255 million, supported by strong income generation that was across the board. This translated into an excellent 25.2% ROE, even though our cost of risk actually normalized during this quarter, as we had been actually expecting for a while. The quarterly drop in earnings was also related to the moderation of our FX income, despite these factors, we still delivered 25%+ ROE. Now moving to slide 20, where I would like to share the main drivers of our profitability. In Q1, both net interest and non-interest income continued to display strong year-on-year growth, with total revenues up by 29%. Non-interest income grew by 33% year-on-year, driven by an excellent 40% growth in net fee and commission income, primarily led by our payments business. I would also like to highlight that our Uzbek operations accounted for 18% of total net fee and commission revenues in the Q1, a material contribution indeed. Despite, let's say, moderation, FX revenues also contributed significantly to the growth of our non-interest income. That's a level subject we expect to continue and grow. Let's move on slide 21 for a look at our margin dynamics. NIM grew by 80 basis points year-on-year to reach a very decent 6.4% in Q1 and was up by 10 basis points on quarterly basis. The growth was mainly driven by higher loan yields and composition effects, now with TBC Uzbekistan contributing 25 basis points, which is very promising to see. On slide 22, I will discuss our costs in Q1. The year-on-year increase of 21% in operating expenses was mainly due to our business growth, while the quarterly decline of 9% was largely a result of the seasonally high base of Q4 last year. However, the key point is that our income continues to grow at a faster rate. Resulting in a 2.3 percentage points decrease of our cost to income ratio to 34.3% in Q1. I also would like to highlight that our Giorgia bank's standalone cost to income ratio stands even lower at a very less impressive 28.8%. Moving on to slide 23, which highlights our strong asset quality. Our NPL ratio decreased year-on-year across all segments and stood at 2.2% at quarter end. At the same time, total coverage ratio was 155%, while provision coverage ratio stood at 93%. Our normalized cost of risk for Giorgian operation was 1% in Q1, within our expected range. That resulted in a group level cost of risk of 1.1%. On the following slide 24, I would like to share with you the performance of our core partnership portfolios in Q1. Our loan grew 70% year-on-year on a constant currency basis. The growth, as I mentioned, was mainly due to retail and MSME. Over the same period, deposits grew by 28% without FX effect, mainly driven by CIB and retail. Moving on to slide 25, where you can see our very solid capital position. Our capital ratios remained at very potent levels as of March 2023, well above the minimum regulatory requirements for all tiers. In Q1 2023, 17.7% CET1 capital ratio already includes pending dividend payments that will be due in June and completed at upcoming group capital, let's say, injections, which we have offset mainly by strong income delivery and partially with stronger liability. On slide 26, I would like to highlight the financial performance of our Uzbek business. That was very strong. I'm proud and delighted to iterate that our Uzbek operations are not only delivering excellent growth, but are doing so very profitably, generating GEL 13 million net income in Q1 alone, despite the low seasonality. ROE in the Q1 exceeded 25%, 28%, getting close to our target of 30%+. In terms of financials of TBC Uz, NIMs stood at 19.7% for Q1, while cost of risk was 5.6%. I also would like to note that during the Q1, the total capital that actually we injected into TBC UZ was around $28 million, out of which TBC PLC share was $17 million. I'm also pleased to highlight that the contribution of Uzbek business in group is growing, including 5% share in group net profit, 25 basis point contribution to NIM, and 18% to group fee and commission income. Finally, on slide 27, I would like to highlight the positive outcome of our strong operating performance, our increased capital. As I already mentioned, like, we will pay the final dividend of almost GEL 3 per share on 14 June subject to an AGM approval. This together with the interim dividend paid in October represents 30% of dividend payout ratio for 2022 and is up from 25% last year, while the completed buyback would make it 35%. On this note, I would like to thank you and hand it back to Vakhtang for some final notes. Vakhtang, please. Yeah. Thank you, Giorgi. Now, before going on our medium term targets, let me recap the key highlights of the Q1. Firstly, the backdrop of our excellent results has been the favorable macro environment in both Giorgia and Uzbekistan. Secondly, we continue to maintain a strong growth and high profitability. Thirdly, our well-capitalized and highly liquid core bank gives us a strong foundation for the future growth and leadership in Giorgia. Fourthly, we are happy to see our Uzbek operations increasing their share of the group's net profit while bringing more diversification to the group and expansion opportunities. Finally, we are proud to have launched TBC, the TNET Super App, which we believe will drive our ecosystems growth. I'd like to wrap up today's presentation by reiterating our medium term targets and comparing our performance in the Q1 against those targets. Our monthly active users stood at 5.1 million compared to our medium term target of 7 million. Our Uzbek operations already accounted for 5% of total group's profits versus our target of 10% to 15% in the medium term. Our loan book grew by 17% year-on-year on a constant currency basis against our target of 10% to 15%. Our return of equity was 25.2%, meaningfully above our medium term target of 20%+. Our cost to income ratio was 34.3%, lower than our medium term target of below 35%. Finally, as Giorgi already mentioned, our dividend payout ratio target is 25.... 25% to 35%, while the total dividend payout ratio was, in 2022, 30% and 35%, including our buybacks. With that, I'd like to invite you to ask questions. Thank you, Vakhtang. I'd like to open the floor for the Q&A. Just a kind reminder, if you're using the Zoom application, please use the Raise Your Hand function at the bottom of the screen. If you're dialing from your phone, please press star nine to raise your hand. I will unmute participants in the chronological order and invite to ask questions. Please introduce yourself before asking the question. The first question comes from Ronan [inaudible]. Good afternoon, Vakhtang and Giorgi. Thanks for the presentation and taking my question. Two quick questions. First, in light of the move by the NBG yesterday, could you- We can't hear you. Is it better now? Hello? Yes, now it's better. Okay. Sorry about that. I was just saying, in light of the reduction in rates by the NBG yesterday, could you give us a sense of what you expect on the margins through the rest of the year? Should we see your margins as maybe a peak, maybe in the Q1, Q2, and as to the reduction from there, or how should we see those evolve? The second question is on your Super App strategy. I think the previous conversations we've had, there was a sense that the Super App strategy wouldn't really work in Giorgia because the regulator wouldn't allow it. Is this something that has changed? Maybe could you just talk about how, you know, about the potential for that product? Could you see it mushrooming like we've seen it in some of the other regional countries? Third question, again related to payments, but this is more on Uzbekistan. Could you maybe just share some thoughts on, you know, the structure of the market? You know, what% of payments are cash versus digital? What's your market share relative to others? Again, what's the, you know, the specific growth potential for just paying you, rather than, you know, Uzbekistan in total? Yeah. Giorgi will try to answer the first question, and second and third question I will try to answer. Thanks. Once again, thanks, Ronan. Very good question, but frankly it doesn't change much for us. We expected this cut for a while, and kind of just using our expectation. The cut is not so much huge in material to impact our net interest margin to move the needles. Obviously, if the rate cut continues in the medium term, Giorgian margin will have some small impact depending on the like quantum of the cut. But for Giorgia, like in the short to medium term, we do expect to remain 6% plus net interest margin. Also at a group level, this slight margin squeeze will be compensated by Uzbekistan. Therefore, probably we should expect to stay more or less same levels we are at the moment, for short term as medium term, at least. Thank you once more, Ronan, for this interesting question t o answer the question about the Super App, nothing will change from the regulator, it continues. As you know, Super App and our TNET operations, we are developing independently from the bank's operations and this independent business from the bank a s you know, 100% Super App and TNET owned by the, our holding company from the U.K. company w e, holding company, we are owning the Super App. W e have very ambitious plans to grow up our business there. As we presented today, annualized growth in the Super App was at GMV a s you know, in the medium term, we are targeting to GEL 1 billion minimum GMV. We are looking for that business. Today maybe it looks pessimistic as subset which we made last year for this new growth for the company. For you to know, it's a open ecosystem we are building. We are opening the products from this application to the other banks, to the other insurance companies, and to the other financial institutions in Giorgia. To answer your question about the payments in Uzbekistan, at all time we are mentioning last two years to investor that the payment and also banking sector is in development stage in Uzbekistan, and we see the potential, very high growth potential we see in Uzbekistan. When we adjust quarterly, we are making presentation to the invest in Uzbekistan ourselves, 3% to 100%, and we are quite sure that could continue next three to four years period. To summarize and to answer the question, we believe that our payment business will continue very high growth, not only as of today. The last two years, the growth was in P2P business. Now we see that not only in P2P business but also in the merchant business and e-commerce business, we see that next three to four years it will be new directions for us and we see the high growth also in that areas. Thanks. Thanks for that. Just a quick follow-up on the payment business growth. I guess we saw a bit of an adjustment earlier or again in Q4 with regards to the acquisition of the minority stake. I'm guessing negotiations are ongoing with the minorities. Could you just maybe give us some broad level thoughts on what the potential acquisition price would be relative to the adjustment that was made in Q4, and what impact that could have on financials later in the year? Maybe I'll- The process is going on and we will inform the investors in due course. Okay. Yes. On the second part of your question on the adjustment, as you know, that was calculated on the put option exercise price, target price. Given it was done at year end last year, and only three months passed, we don't expect much change, much fluctuation. Business is going still better than expected, so there may be some minor adjustments because the better business doing the higher the price. There is a formula. It won't be any material adjustments probably that we expect. Yeah. Understood. Thank you. Thank you, Ronan. We got some questions in our Q&A session, so I will read them out. The second question comes from [inaudible]. Fantastic results. Well done and congratulations. Question, can you articulate the long-term cost of risk target for TBC Uz? Additionally, how much further equity capital will inject it in 2023 and 2024 to keep up with the growth? Probably I'll take that as well. On the cost of risk, you have seen the good trajectory coming down from Q4 last year, kind of landing at 5.6% this quarter. Given it's a small business, it's a bit actually is volatile, but we expect somewhere around 6%, 6.5%, around like that range for our cost of risk in short term. In the longer term, we may see it actually getting better and improving around the levels we have seen in this quarter. On the second part of the capital, as our presentation stated, we injected in Q1. Probably there will be one or two more rounds that we need, one this year. We may or don't need this year, depending on the various factors. At the moment we have not disclosed it, but what I can say, it's not material for the group. Our robust capital position actually allows it very easily to support Uzbekistan growth, so we don't foresee any issues on this front. Thank you, Giorgi. I will read the third question from Rahim Karim. Given the delivery of four of your six targets and good momentum in Uzbekistan, it would appear you are on track to deliver those ahead of schedule. In light of this, are you considering the potential of rebasing these to help us better understand the long-term potential of the business? Yeah, very good question w e are in the process y ou are right. Now what we see last six months that we are outperforming the budgets and the plans which we had in Uzbekistan w e are in a process. Probably we will see how we'll continue our business perform in the Q2 and Q3. We will come with our new plans and our new targets probably the Q1 of this year. Thank you, Vakhtang. There is one more question from Rahim. The payments business has supported the strong fee income growth in the Q1. How should we consider this growth evolving over the next year or two? Can you repeat the question? Yes, sure. The payments business has supported strong fee income growth in the Q1. How should we consider this growth evolving over the next year or two? In general, we could answer that our forecast for the fee and commissioning, the growth, annual growth is at 20% to 25%. If you take 2022, it was higher. Probably this year we also will outperform the growth more than 20% to 25%. In the medium term, our target is fee and commission income. From this 20% to 25%, main part is coming from the payment business. Giorgi, do you want to add anything? Yes. Probably as Vakhtang is right, our kind of building to longer term is 2025, but this year and next year probably we will have 25% + that will be. Also, as Vakhtang mentioned, PayMe will be a strong contributor of course. On Giorgia side, we also see and have very ambitious plans, launching new products, new partnerships, ecosystem contributing. Therefore, we will see growth from both businesses, but PayMe will be the driver putting us 25% plus above. Thank you. As a reminder, if you have any questions, please raise your hand. Here we have one more question in the Q&A session, I will read it out. In the medium term to long term, do you see TBCG expanding in other markets beyond Giorgia or Uzbekistan? Not for this year, and probably not in 2024, but in the long term also, if we successfully build our business in Uzbekistan, we are considering also other markets. Thank you. At this point, we don't have any more questions. Let's wait for a second or two. Thank you everybody for joining our call. We hope that we answered all of your questions. If you have any further questions, please don't hesitate to get in touch with us by email or phone. Thank you. Thank you.