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

TCS HoldingAnnouncement

28/02/2019 06:05

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

   28-Feb-2019 / 09:00 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 2019

   Moscow, Russia - 28 February 2019. TCS Group Holding PLC (TCS LI) (the
   "Group"), Russia's leading provider of online financial and lifestyle
   services via its Tinkoff.ru ecosystem, today announces Tinkoff Bank's
   unaudited RAS financial highlights for January 2019.

    

   For the first month of 2019, net income stood at RUB 5bn, which is attributed
   to the growth of net interest income, lower cost of funding, improved quality
   of the loan portfolio and growth of revenue from new business lines. Also the
   transition to IFRS 16 in RAS affected the Bank's results.

    

   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 252bn representing an increase
   of 51% y-o-y. The net loan portfolio amounted to RUB 215bn having increased
   by 52% y-o-y and constituted 56% of total assets (53% at year-end 2018). 

    

   Retail customer accounts stood at RUB 225bn. Tinkoff Bank continued to retain
   substantial liquidity: the CBR N2 ratio stood at 45% (minimum requirement:
   15%), and the CBR N3 ratio was 130% (minimum requirement: 50%). Retail
   customer accounts constituted 66% of total liabilities.

    

   Total assets increased by 46% y-o-y to RUB 388bn.

    

   In January 2019, Tinkoff Bank paid dividends to its shareholder (TCSGH) in
   the amount of RUB 9.5 bn. As a result, total capital including retained
   profits (based on Form 123) amounted to RUB 72.8 bn. as of 1 February 2019.
    The CBR N1 capital adequacy ratio was 13.38%. Core Capital Adequacy Ratio
   (N1.1) was 7.85% and Main Capital Adequacy Ratio (N1.2) was 11.33%.

    

    

   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 the Group

    

   TCS Group Holding PLC is an innovative provider of online retail financial
   services. It includes Tinkoff Bank, mobile virtual operator network Tinkoff
   Mobile, Tinkoff Insurance, and Tinkoff Software DC, a network of development
   hubs in major Russian cities. The Group also has Tinkoff.ru, an evolving
   ecosystem that offers financial and lifestyle services.

    

   The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has
   been listed on the London Stock Exchange since October 2013.

    

   The Group's key business is Tinkoff Bank, the country's first and only direct
   bank and the core of the Tinkoff.ru ecosystem. Tinkoff Bank is the second
   largest player in the Russian credit card market, with a share of 11.7%. The
   9M 2018 IFRS net income of TCS Group Holding PLC amounted to RUB 19bn, ROE
   stood at 72.9%.

    

   With no branches, the Group serves all its customers remotely via online
   channels and a cloud-based call centre staffed by over 10,000 employees,
   which makes it one of the largest in Europe. To ensure smooth delivery of the
   Group's products, the Group has a nationwide network of over 2,500
   representatives.

    

   In 2013 and 2017, The Banker named Tinkoff Bank the Bank of the Year in
   Russia, and in 2016 and 2018, Global Finance recognised it as the Best
   Consumer Digital Bank in Russia. The bank's mobile app has been consistently
   praised by local and global independent experts as the best of its kind (in
   2013, 2014, 2015, 2016 by Deloitte and in 2018 by Global Finance).

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   ISIN:          US87238U2033
   Category Code: MSCL
   TIDM:          TCS
   LEI Code:      2534000KL0PLD6KG7T76
   Sequence No.:  7650
   EQS News ID:   782027


    
   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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