According to its earning preview of today TPB had an excellent year 2021 despite the ongoing pandemic. ROE 22.61%. TPB’s capital adequacy ratio (CAR) is at 14% which allows the bank to build on future growth (SBV has set a minimum CAR at 8%). Bank’s balance sheet grew 42% and net earnings 38%.
TPB has started to digitize its services early. This is clearly bearing fruit now and will keep the bank very competitive for years to come. In 2017, the bank had 1.7 million customers, and in 2021 the number of customers exceeded 5 million.
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The material presented in this text is based on PYN Fund Management’s view of markets and investment opportunities. PYN Elite Fund (non-UCITS) invests its assets in a highly allocated manner in frontier markets and in a small number of companies. This investment approach involves a larger risk of volatility compared to ordinary broadly diversified equity investments. The value of an investment may decline substantially in unfavorable market conditions or due to an individual unsuccessful investment. It is entirely possible that the estimates of economic development or a company’s business performance presented in this presentation will not be realized as presented and they involve material uncertainties.