TBC Bank satisfied with investments in Uzbekistan - Payme's net profit before tax in 2Q 2019 grew by 19.7%

Payme's net profit before tax in the second quarter of 2019 was $0.5 million, follows from the financial statements of TBC Bank, owner of a controlling stake in Inspired LLC, operating in Uzbekistan under the Payme brand.

The company noted that Payme continues to grow rapidly - net profit grew by 19.7% compared with the first quarter, and 46% compared with last year.

Revenues amounted to $0.7 million - an increase of 36.6% (quarter-on-quarter) and 131.1% (year-on-year). The number of users has grown to 1.4 million people. Here, growth was 10.9% and 26.1%, respectively.

On July 30, at a conference in London, representatives of TBC Bank noted that these are very good results, because Payme's net profit for the first six months of 2019 has already exceeded the figure for the whole 2018.

Payme before-tax net profit for the first quarter of 2019 was $0.4 million. In 2018, net profit before tax for the year was $0.8 million.

TBC Bank also reported that they have appointed a new CFO to the company - Abduhalil Rashidov, who has 12 years of experience in the banking sector.