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TCS - TCS Holding News Story

$63.26 1.7  2.8%

Last Trade - 18/05/21

Sector
Financials
Size
Large Cap
Market Cap £8.68bn
Enterprise Value £8.47bn
Revenue £1.57bn
Position in Universe 129th / 1824

UPDATE 1-Russia's TCS Group sees net profit at 75 bln roubles in 2023

Wed 7th April, 2021 3:26pm
(Adds ROE, other details)
    MOSCOW, April 7 (Reuters) - Russian lender TCS Group Holding
 TCSq.L  expects average annual growth in its net profit of more
than 20% until it reaches 75 billion roubles ($962.1 million) in
2023, the company said in a presentation on Wednesday. 
    TCS posted a 22% increase in net profit last year to 44.2
billion roubles, a record high, as the Russian bank said the
number of customers for its non-credit products exceeded those
seeking credit for the first time.  urn:newsml:reuters.com:*:nL8N2L91M4
    The group, which runs Russia's largest online bank Tinkoff
with more than 13 million customers, forecast a return-on-equity
of more than 30% every year. 
    It said its strategic objective for 2023 was to build the
world's most "comprehensive, engaging and innovative" financial
and lifestyle ecosystem. 
    Russia's central bank is drafting regulations to govern
so-called ecosystems, a term used in the country to describe
businesses which stretch beyond a bank's core function and aim
to provide a single window for services to its clients.
    The bank this month published a detailed report on its
approach to regulating ecosystems, highlighting the risks in
lenders' assets beyond banking.     
    ($1 = 77.9570 roubles)

 (Reporting by Vladimir Soldatkin, Tanya Voronova and Alexander
Marrow; Editing by Jan Harvey and Bernadette Baum)
 ((alexander.marrow@thomsonreuters.com;))
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