REG - TCS Grp Hldg PLC - Tinkoff Bank 11M2015 RAS Results <Origin Href="QuoteRef">TCSq.L</Origin>

TCS HoldingAnnouncement

17/12/2015 10:11

RNS Number : 4067J
TCS Group Holding PLC
17 December 2015
StatementonTinkoff Bank's RAS Financial Highlights for January-November 2015 
Moscow,Russia-17December2015.TCS Group Holding PLC (TCS LI) (the "Group"), includingTinkoff Bank, Russia's leading provider of online retail financial services, today announces Tinkoff Bank's unaudited RAS financial highlights for January-November2015.
For the first eleven months of 2015, net incomestood at RUB2.9bn as a result of higher interest expenses, increased loan provisioning andlosses from operations with foreign currenciesdue to theRussian Ruble devaluation. Tinkoff Bank had low FX exposure hedging its long-term liabilities with swaps.
It should be noted that the RAS net income figure is not a reliable indicator of IFRS net income for the same period. There is a very low correlation between financial results under the two reporting standards as a result of significant accounting differences and therefore RAS figures should not be used as the basis for conclusions on forthcoming IFRS results.
The gross loan portfolio amounted to RUB 103.0bnrepresenting an increase of6% y-o-y. The net loan portfolio amounted to RUB78.0bnhaving increased by 10% y-o-y and constituted62% of total assets (63% at year-end 2014).
Retail customer accountsincreased by85% y-o-yand by 89% year-to-date toRUB 77.9bn.Tinkoff Bank continued toretain substantial liquidity:the CBR N2 ratio stood at77.3% (minimumrequirement: 15%), and the CBR N3 ratio was148.1% (minimumrequirement: 50%). Retail customer accounts constituted74% of total liabilities.
Total assetsincreased by18% y-o-y to RUB126.3bn.
As of 1December2015, total capital including retained profits (based on Form 123)amounted to RUB25.2bn. The CBR N1capital adequacy ratiowas13.0%. Both Core Capital Adequacy Ratio (N1.1) and Main Capital Adequacy Ratio (N1.2) were9.4%.
Note on RAS results
Please note that the figures in this press release are calculated in accordance with Tinkoff Bank's internal methodology which is available at: 
http://static.tinkoff.ru/documents/eng/investor-relations/ras-methodology.pdf
RAS results are not a reliable indicator of IFRS results due to significant accounting differences that make a direct read-across from RAS to IFRS results impossible. The main differences between RAS and IFRS are:
 Consolidated results under IFRS include a number of additional items and results of its subsidiaries
 Accrual of expenses under IFRS
 Timing differences in accounting for restructured loans ('instalments') and loans going through courts
 The effect from the revaluation of currency derivative instruments
 The effect of deferred income tax.
For enquiries:
Tinkoff Bank
Darya Ermolina
Head of PR
+ 7 495 648-10-00 (ext. 2009)
d.ermolina@tinkoff.ru
FTI Consulting 
Elena Kalinskaya
+44 (0) 20 3727 1279
tcsgroupholding@fticonsulting.com
Tinkoff Bank
Larisa Chernysheva
IR Department
+ 7 495 648-10-00 (ext. 2312)
ir@tinkoff.ru
About the Group
TCS Group Holding PLC is an innovative provider of online retail financial services operating in Russia through a high-tech branchless platform. In order to support its branchless platform, the Group has also developed a "smart courier" network covering almost 600 cities and towns in Russia which allows next day delivery to many customers. 
Tinkoff Bank's product range includes credit, debit and prepaid cards, deposits, co-branded cards, and agent-based mortgage products. With its special focus on mobile business, the bank offers mobile applications both for its customer base (Mobile Bank) and beyond it (Traffic Fines, MoneyTalk, Card2Card instant money transfers).
The Group's five-year strategy has the ambition of becoming a financial supermarket where customers can shop not only for our products, but also for those of our partners.
The 9M2015 IFRS net income of the Group amounted to RUB0.9bn.
As at 1November 2015, the bank was the second largest player in the Russian credit card market, with a market share of 7.7%. As at 1December 2015, the bank issued over 5.4mcredit cards. The bank is well capitalised: its CBR N1 total capital ratio stood at 13% as at 1December 2015.
In 2013, Tinkoff Bank was recognised as the Bank of the Year and the most profitable bank in Russia by the Banker magazine, the world's premier banking and finance resource, published by the Financial Times Group. In 2015, the Global Finance magazine named TinkoffBank as the Best Internet Retail Bank inRussia. 

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