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TCS HoldingAnnouncement

18/04/2016 13:05

RNS Number : 5255V
TCS Group Holding PLC
18 April 2016
StatementonTinkoff Bank's RAS Financial Highlights for January-March 2016 
Moscow,Russia-18April2016.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-March2016.
For the first quarter of 2016, net incomestood at RUB1.9bn versus RUB 0.6bn in January-March 2015 which is attributed to the growth of net interest income and better quality of the loan portfolio.
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. Therefore, RAS figures should not be used as the basis for conclusions on forthcoming IFRS results.
The gross loan portfolio amounted to RUB 106.3bnrepresenting an increase of13% y-o-y. The net loan portfolio amounted to RUB83.8bnhaving increased by 23% y-o-y and constituted57% of total assets (56% at year-end 2015).
Retail customer accountsincreased by78% y-o-y toRUB 94.5bn.Tinkoff Bank continued toretain substantial liquidity:the CBR N2 ratio stood at81.9% (minimumrequirement: 15%), and the CBR N3 ratio was131.1% (minimumrequirement: 50%). Retail customer accounts constituted76% of total liabilities.
Total assetsincreased by24% y-o-y to RUB147.6bn.
As of 1April2016, total capital including retained profits (based on Form 123)amounted to RUB26.1bn. The CBR N1capital adequacy ratiowas12.1%. Both Core Capital Adequacy Ratio (N1.1) and Main Capital Adequacy Ratio (N1.2) were8.3%.
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/Leonid Fink
+44 (0) 020 3727 1000
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).
As per its five-year strategy, the Group has the ambition to become a financial marketplace offering both own brand and partner products.
The 2015 IFRS net income of the Group amounted to RUB1.9bn.
As at 1February 2016, the bank was the second largest player in the Russian credit card market, with a market share of 8.4%. As at 1March 2016, the bank issued over 5.7mcredit cards. The bank is well capitalised: its CBR N1 total capital ratio stood at 11.8% as at 1February 2016.
In 2015, the Global Finance magazine named TinkoffBank as the Best Internet Retail Bank inRussia. 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. 

This information is provided by RNS
The company news service from the London Stock Exchange
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