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TCS Group Holding PLC (TCS)
TCS Group Holding PLC: Statement on Tinkoff Bank's RAS Financial Highlights
for January-February 2018
29-March-2018 / 15:58 CET/CEST
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 - February
2018
Moscow, Russia - 29 March 2018. TCS Group Holding PLC (TCS LI) (the "Group"),
Russia's leading provider of online retail financial services via its
Tinkoff.ru financial supermarket, today announces Tinkoff Bank's unaudited
RAS financial highlights for January-February 2018.
For the first two months of 2018, net income stood at RUB 3.9bn versus RUB
3.2bn in January-February 2017, 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.
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 168bn representing an increase
of 36% y-o-y. The net loan portfolio amounted to RUB 143bn having increased
by 39% y-o-y and constituted 53% of total assets (51% at year-end 2017).
Retail customer accounts stood at RUB 152bn. Tinkoff Bank continued to retain
substantial liquidity: the CBR N2 ratio stood at 55% (minimum requirement:
15%), and the CBR N3 ratio was 169% (minimum requirement: 50%). Retail
customer accounts constituted 68% of total liabilities.
Total assets increased by 58% y-o-y to RUB 270bn.
As of 1 March 2018, total capital including retained profits (based on Form
123) amounted to RUB 62.6bn. The CBR N1 capital adequacy ratio was 16.79%.
Core Capital Adequacy Ratio (N1.1) was 9.96% and Main Capital Adequacy Ratio
(N1.2) was 14.31%.
Our strong February 2018 RAS results are driven by two major continuing
trends:
a) an ongoing quality growth of our consumer finance business;
b) a growing contribution from our non-credit fees-and-commission
business lines.
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 Bank
Tinkoff is Russia's first and only direct bank with nearly 7 mln customers.
The bank was founded in 2006 by the Russian entrepreneur Oleg Tinkov.
TCS Group Holding PLC, the bank's holding company, has been listed on the
London Stock Exchange since October 2013. In addition to the bank the Group
includes mobile virtual operator Tinkoff Mobile, Tinkoff Insurance, and
Tinkoff Software DC, a network of development hubs across Russia.
With no retail branches, the bank serves its customers remotely via online
channels and its call centre, and operates a network of over 2,500
representatives to ensure smooth delivery of its products. The network covers
all of Russia and allows next day delivery to most customers.
The bank offers both own brand and partner retail financial services via its
Tinkoff.ru platform. The product range includes daily banking (credit and
debit cards, payments, money transfers), savings, investments, loyalty
programmes, travel services, SME services, mortgage platform, and insurance.
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, Card 2 Card instant money transfers).
As at 1 February 2018, the bank was the second largest player in the Russian
credit card market, with a market share of 11.7%. The 2017 IFRS net income of
TCS Group Holding PLC amounted to RUB 19 bn, ROE grew to 52.8%.
Banki.ru, Russia's largest financial news portal, named Tinkoff Bank the Bank
of the Year 2016. In October 2016 Tinkoff Bank was named the largest
independent global direct bank by Frost & Sullivan. In 2016 and 2015, the
Global Finance magazine named Tinkoff Bank as the Best Consumer Digital Bank
in Russia. In 2016, the bank also won Global Finance's Best Integrated
Consumer Bank Site award. In 2016, Tinkoff Bank was named the Best Digital
Bank in the CEE by Euromoney. Its mobile application was recognised as the
best in Russia by Markswebb Rank & Report in 2014, 2015 and 2016, and by
Deloitte for four years in a row in 2013-2016.
Tinkoff Bank is a General Partner of the St. Petersburg International
Economic Forum (SPIEF) in 2018.
Tinkoff Bank is a member of the deposit insurance system (the system
guarantees each depositor of member banks a payout of RUB 1.4 mln on deposits
and current accounts, including interest income).
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ISIN: US87238U2033
Category Code: MSCM
TIDM: TCS
LEI Code: 2534000KL0PLD6KG7T76
Sequence No.: 5345
End of Announcement EQS News Service
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670625 29-March-2018
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References
Visible links
1. mailto:d.ermolina@tinkoff.ru
2. mailto:ir@tcsbank.ru
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