REG - TCS Grp Hldg PLC - Tinkoff Bank 5M 2016 RAS Results <Origin Href="QuoteRef">TCSq.L</Origin>

TCS HoldingAnnouncement

20/06/2016 16:40

RNS Number : 7419B
TCS Group Holding PLC
20 June 2016
StatementonTinkoff Bank's RAS Financial Highlights for January-May 2016 
Moscow,Russia-20June2016.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-May2016.
For the first five months of 2016, net incomestood at RUB2.5bn versus RUB 0.6bn in January-May 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 109.6bnrepresenting an increase of15% y-o-y. The net loan portfolio amounted to RUB87.3bnhaving increased by 26% y-o-y and constituted58% of total assets (57% at year-end 2015).
Retail customer accountsincreased by50% y-o-y toRUB 96.6bn.Tinkoff Bank continued toretain substantial liquidity:the CBR N2 ratio stood at67.8% (minimumrequirement: 15%), and the CBR N3 ratio was162.5% (minimumrequirement: 50%). Retail customer accounts constituted75% of total liabilities.
Total assetsincreased by22% y-o-y to RUB149.4bn.
In May 2016, Tinkoff Bank paid dividends to its shareholders in the amount of RUB 2.5bn. As a result, total capital including retained profits (based on Form 123)decreasedby9% m-o-m to RUB24.3bnas of 1June2016. The CBR N1capital adequacy ratiowas11.03%. Both Core Capital Adequacy Ratio (N1.1) and Main Capital Adequacy Ratio (N1.2) were8.04%.
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. 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.
As at 1May 2016, the bank was the second largest player in the Russian credit card market, with a 9% market share. As at 1April 2016, the bank issued over 5.8mcredit cards. The bank is well capitalised: its CBR N1 total capital ratio stood at 12.3% as at 1May 2016.
The Group's 1Q2016 IFRS net income amounted to RUB1.9bn.
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. 

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