REG-TCS Group Holding PLC Statement on Tinkoff Bank's RAS Financial Highlights for January - July 2019

TCS HoldingAnnouncement

29/08/2019 17:20

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   TCS Group Holding PLC (TCS)
   Statement on Tinkoff Bank's RAS Financial Highlights for January - July 2019

   29-Aug-2019 / 19:19 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   Statement on Tinkoff Bank's RAS Financial Highlights for January - July 2019

   Moscow, Russia - 29 August 2019. TCS Group Holding PLC (TCS LI) (the
   "Group"), Russia's leading provider of online financial and lifestyle
   services via its Tinkoff ecosystem, today announces Tinkoff Bank's unaudited
   RAS financial highlights for January - July 2019.

    

   For the seven months of 2019, net income stood at RUB 16.7bn, which is
   attributed to growth of net interest income, stable cost of funding, good
   quality of the loan portfolio and growth of revenue from new business lines.

    

   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 346bn representing an increase
   of 73% y-o-y. The net loan portfolio amounted to RUB 298.6bn having increased
   by 79

   % y-o-y and constituted 66% of total assets (53% at year-end 2018). 

    

   Retail customer accounts stood at RUB 284bn. Tinkoff Bank continued to retain
   substantial liquidity: the CBR N2 ratio stood at 69% (minimum requirement:
   15%), and the CBR N3 ratio was 135% (minimum requirement: 50%). Retail
   customer accounts constituted 74% of total liabilities.

    

   Total assets increased by 48% y-o-y to RUB 449bn.

    

   As of 1 August 2019, total capital including retained profits (based on Form
   123) amounted to RUB 84.5bn. The CBR N1 capital adequacy ratio was 11.52%.
   Core Capital Adequacy Ratio (N1.1) was 7.37% and Main Capital Adequacy Ratio
   (N1.2) was 9.96%.

    

    

   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                  Tinkoff Bank

   Darya Ermolina                Larisa Chernysheva
   Head of PR
                                 IR Department
   + 7 495 648-10-00 (ext. 2009)
                                 + 7 495 648-10-00 (ext. 2312)
    1 d.ermolina@tinkoff.ru
                                  2 ir@tinkoff.ru
    
                                  

   About Tinkoff

   Tinkoff is an online financial ecosystem centred around the needs of its
   customers.

   The Tinkoff ecosystem offers a full range of financial services for
   individuals and businesses.

   With a focus on lifestyle banking, the Tinkoff ecosystem enables customers to
   assess and plan personal spending, invest their savings, earn loyalty
   programme bonuses, book trips, buy movie tickets, make restaurant
   reservations and much more.

   All Tinkoff services are accessible via our mobile applications and on the
   Tinkoff.ru website.

   The Tinkoff ecosystem is branchless: its network of 2,500 smart couriers can
   deliver the Company's products anywhere in Russia in the shortest time span
   possible, and customer service is handled online and by call centres (both
   office and cloud-based). Tinkoff makes active use of AI and machine learning
   technologies to streamline communications: over 30% of customers' chat
   queries are resolved with no employee involvement.

   All Tinkoff products and most of its IT systems have been developed in-house.
   Some 70% of the bank's HQ staff are IT specialists.

   At the core of the ecosystem is Tinkoff Bank, which was founded in 2006 and
   has since become the world's biggest independent direct bank with over 9
   million customers. In 2018, Global Finance named Tinkoff Bank the world's
   Best Consumer Digital Bank, and in 2019, 2018, 2016 and 2015, the Best
   Consumer Digital Bank in Russia. In 2017 and 2013, the Banker recognised
   Tinkoff Bank as the Bank of the Year in Russia.

   The bank's parent company - TCS Group Holding PLC - has been listed on the
   LSE since 2013. The 1H 2019 IFRS net income of TCS Group Holding PLC amounted
   to RUB 15.4 bn. The ROE was 64.3%.

    

    

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   ISIN:          US87238U2033
   Category Code: MSCL
   TIDM:          TCS
   LEI Code:      2534000KL0PLD6KG7T76
   Sequence No.:  18458
   EQS News ID:   865791


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:d.ermolina@tinkoff.ru
   2. mailto:ir@tcsbank.ru


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