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TCS Group Holding PLC TCS Group Holding PLC: Statement on Tinkoff Bank's RAS Financial Highlights for January -February 2020

Mon 30th March, 2020 3:57pm

   TCS Group Holding PLC (TCS)
   TCS Group Holding PLC: Statement on Tinkoff Bank's RAS Financial Highlights
   for January -February 2020

   30-March-2020 / 17:57 MSK
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.


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

   Moscow, Russia - 30 March 2020. TCS Group Holding PLC (LI: TCS, MOEX: TCSG)
   (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 - February 2020.


   For the first two months of 2020, net income stood at RUB 10.3bn versus RUB
   7.5bn in January - February 2019, 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 382bn representing an increase
   of 44% y-o-y. The net loan portfolio amounted to RUB 325bn having increased
   by 43% y-o-y and constituted 55% of total assets (57% at year-end 2019). 


   Retail customer accounts stood at RUB 357bn. Tinkoff Bank continued to retain
   substantial liquidity: the CBR N2 ratio stood at 102% (minimum requirement:
   15%), and the CBR N3 ratio was 160% (minimum requirement: 50%). Retail
   customer accounts constituted 71% of total liabilities.


   Total assets increased by 52% y-o-y to RUB 588bn.


   As of 1 March 2020, total capital including retained profits (based on Form
   123) amounted to RUB 105.7bn. The CBR N1 capital adequacy ratio was 12.41%.
   Core Capital Adequacy Ratio (N1.1) was 8.69% and Main Capital Adequacy Ratio
   (N1.2) was 11.05%.



   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


   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:
                                  Larisa Chernysheva
   Artem Lebedev                  IR Department
   PR Department
                                  + 7 495 648-10-00 (ext. 2312)
   + 7 495 648-10-00 (ext. 2202)
                                  Neri Tollardo
   Alexandr Leonov
                                  +44 7741 078383
   + 7 495 648-10-00 (ext. 35738)

   TCS Group Holding PLC

   TCS Group Holding PLC is an innovative provider of online retail financial
   services. It includes Tinkoff Bank, mobile virtual network operator Tinkoff
   Mobile, Tinkoff Insurance, management company Tinkoff Capital, Tinkoff
   Software DC, a network of development hubs in major Russian cities, and
   Tinkoff Education. The Group is currently developing Tinkoff ecosystem,which
   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 and on the Moscow Exchange.

   The Group's key business is Tinkoff Bank, a fully online bank that serves
   over 10 mn customers and forms the core of the Tinkoff ecosystem.

   Tinkoff Bank is the second largest player in the Russian credit card market,
   with a share of 13.2%. The 12M 2019 IFRS net income of TCS Group Holding PLC
   amounted to RUB 36.1 bn. The ROE was 55.9%.

   With no branches, the Group serves all its customers remotely via online
   channels and a cloud-based call centre. To ensure smooth delivery of the
   Group's products, the Group has a proprietary nationwide network of

   In 2018, Global Finance named Tinkoff Bank the world's Best Consumer Digital
   Bank, in 2019, 2018, 2016 and 2015, the Best Consumer Digital Bank in Russia,
   and in 2019, the Best Consumer Digital Bank in Central and Eastern Europe. In
   2017 and 2013, the Banker recognised Tinkoff Bank as the Bank of the Year in
   Russia. The bank's mobile app has consistently received top industry ratings
   and awards (in 2013, 2014, 2015, 2016 by Deloitte and in 2018 by Global


   ISIN:          US87238U2033
   Category Code: MSCL
   TIDM:          TCS
   LEI Code:      2534000KL0PLD6KG7T76
   Sequence No.:  55356
   EQS News ID:   1010577

   End of Announcement EQS News Service


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