REG - TCS Grp Hldg PLC - Tinkoff Bank RAS 9M2015 Results <Origin Href="QuoteRef">TCSq.L</Origin>

TCS HoldingAnnouncement

19/10/2015 09:10

RNS Number : 6541C
TCS Group Holding PLC
19 October 2015
StatementonTinkoff Bank's RAS Financial Highlights for January-September 2015 
Moscow,Russia-19October2015.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-September2015.
For the first nine months of 2015, net incomestood at RUB1.7bn 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 99.7bnrepresenting an increase of6% y-o-y. The net loan portfolio amounted to RUB74.0bnhaving increased by 5% y-o-y and constituted64% of total assets (63% at year-end 2014).
Retail customer accountsincreased by80% y-o-yand by 77% year-to-date toRUB 73.2bn.Tinkoff Bank continued toretain substantial liquidity:the CBR N2 ratio stood at47.9% (minimumrequirement: 15%), and the CBR N3 ratio was155.8% (minimumrequirement: 50%). Retail customer accounts constituted76% of total liabilities.
Total assetsincreased by17% y-o-y to RUB116.4bn.
As of 1October2015, total capital including retained profits (based on Form 123)amounted to RUB23.8bn. The CBR N1capital adequacy ratiowas13.0%. Both Core Capital Adequacy Ratio (N1.1) and Main Capital Adequacy Ratio (N1.2) were9.9%.
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
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. 
Since its launch in 2007 by Mr Oleg Tinkov, a renowned Russian entrepreneur with a long track record of creating successful businesses, the Group has grown into a leader in the Russian credit card market. As of 1 August 2015, the Group has issued over 5.2 mln credit cards.
In addition to a market-leading credit card offering, the Group has developed a successful online retail deposits programme. The Group's other innovative lines of business include Tinkoff Online Insurance, which enables the Group to underwrite and sell its own innovative online insurance products. 
As of 30 June 2015, the Group's total assets amounted to RUB 122.2 bn, net loans and advances to customers stood at RUB 75.6 bn and customer accounts (deposits) amounted to RUB 71.7 bn. In 2Q15, the Group generated a net profit of RUB 0.4 bn and net interest income of RUB 6.4 bn. As of 30 June 2015, the Group is well capitalised with the total capital ratio and Tier 1 capital ratio of 19.6% and 15.0%, respectively, in accordance with Basel III methodology.

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