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TCS - TCS Holding News Story

$26.35 -0.1  -0.6%

Last Trade - 18/09/20

Sector
Financials
Size
Large Cap
Market Cap £4.00bn
Enterprise Value £4.08bn
Revenue £1.62bn
Position in Universe 182nd / 1807

UPDATE 1-Russia's TCS beats forecasts with Q2 net profit of 4.2 bln roubles

Tue 29th August, 2017 8:51am
(Adds detail) 
    MOSCOW, Aug 29 (Reuters) - Russian consumer lender TCS Group 
 TCSq.L  beat analysts' forecasts by reporting a 67 percent 
year-on-year rise in second-quarter net profit to 4.2 billion 
roubles ($71.75 million) on Tuesday. 
    Analysts had expected TCS to post net profit of 3.6 billion 
roubles.  urn:newsml:reuters.com:*:nL8N1LE3SM 
    The stronger performance prompted TCS to upgrade its 2017 
net profit forecast to 17 billion roubles from 14 billion. 
    TCS said on Tuesday its board of directors had approved a  
dividend of $0.20 per share for the second quarter, representing 
a total dividend payment of $36.5 million, up from $31 million 
in the first quarter. 
    Oliver Hughes, CEO of Tinkoff Bank, TCS Group's main 
business, said the group's results in the first half were 
underpinned by its core credit card business, which grew 
further, and by "the sound performance of our new business 
lines." 
    Portfolio quality improved in quarterly terms, with the 
non-performing loan ratio sliding to 9.4 percent in the second 
quarter from 9.6 percent in the first three months of 2017, TCS 
said. 
    "The group's loan loss provision coverage remained stable at 
1.4x non-performing loans," TCS said. 
    The banking group's net loan book expanded by 18 percent in 
to 121.2 billion roubles in the second quarter, up from 102.9 
billion roubles in the same period of 2016. 
    TCS also said its net interest income grew in the second 
quarter to 11.2 billion roubles, up 37 percent compared with a 
year ago. 
($1 = 58.5375 roubles) 
 
 (Reporting by Andrey Ostroukh and Oksana Kobzeva; Editing by 
Adrian Croft) 
 ((andrey.ostroukh@thomsonreuters.com;)) 
 
Keywords: RUSSIA TCS/RESULTS
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