Dow Jones received a payment from EQS/DGAP to publish this press release.
TCS Group Holding PLC / Miscellaneous - Medium Priority
TCS Group Holding PLC: Statement on Tinkoff Bank's RAS Financial Highlights
for January - July 2017
16-Aug-2017 / 17:29 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EquityStory.RS,
LLC - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Statement on Tinkoff Bank's RAS Financial Highlights for January - July 2017
Moscow, Russia - 16 August 2017. TCS Group Holding PLC (TCS LI) (the
"Group"), Russia's leading provider of online retail financial services,
including Tinkoff Bank and Tinkoff Insurance, today announces Tinkoff Bank's
unaudited RAS financial highlights for January - July 2017.
For the seven months of 2017, net income stood at RUB 10.2bn versus RUB 3.8bn
in January-July 2016 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 146bn representing an increase of
28% y-o-y. The net loan portfolio amounted to RUB 122bn having increased by
33% y-o-y and constituted 53% of total assets (57% at year-end 2016).
Retail customer accounts stood at RUB 132bn. Tinkoff Bank continued to retain
substantial liquidity: the CBR N2 ratio stood at 71% (minimum requirement:
15%), and the CBR N3 ratio was 165% (minimum requirement: 50%). Retail
customer accounts constituted 68% of total liabilities.
Total assets increased by 47% y-o-y to RUB 228bn.
As of 1 August 2017, total capital including retained profits (based on Form
123) amounted to RUB 52bn. The CBR N1 capital adequacy ratio was 17.05%. Core
Capital Adequacy Ratio (N1.1) was 9.03%. and Main Capital Adequacy Ratio
(N1.2) was 14.31%.
Our strong July 2017 RAS results are driven by two major continuing trends:
a) an ongoing quality growth of our consumer finance business, carrying on
from 2016;
b) a growing contribution from our non-credit fees-and-commission business
lines.
In June 2017, TCS Finance D.A.C. successfully issued USD 300,000,000 9.25%
perpetual callable loan participation notes and on-lent the proceeds from the
issue to Tinkoff Bank. Following CBR approval, the issue was included into
the calculation of Tinkoff Bank's statutory capital ratios starting July
2017.
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)
d.ermolina@tinkoff.ru
ir@tinkoff.ru [1]
About the Group
TCS Group Holding PLC is an innovative provider of online retail financial
services operating in Russia through a high-tech branchless platform. TCS
Group includes Tinkoff Bank, mobile virtual operator network Tinkoff Mobile,
Tinkoff Insurance, and Tinkoff Software DC, a network of development hubs
across Russia.
The Group was founded in 2006 by the Russian entrepreneur Oleg Tinkov and has
been listed on the London Stock Exchange since October 2013.
With no retail branches, the Group serves its customers remotely via online
channels and its call centre, and operates a network of over 1,800
representatives to ensure smooth delivery of its products. The network covers
all of Russia and allows next day delivery to most customers.
The Group's key business is Tinkoff Bank, Russia's first and only direct bank
offering 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 May 2017, the bank was the second largest player in the Russian
credit card market, with a market share of 11%. The 1Q 2017 IFRS net income
of TCS Group Holding PLC amounted to RUB 3.4 bn, ROE stood at 43%.
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 2015 and 2016, 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 and was named the Best Digital Bank in the CEE by
Euromoney. The bank's mobile application was recognised as the best in Russia
by Markswebb Rank & Report for three consecutive years in 2014, 2015 and
2016, and by Deloitte for four consecutive years from 2013 to 2016.
The EquityStory.RS, LLC Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de/ukreg
Language: English
Company: TCS Group Holding PLC
2nd Floor, Sotiri Tofini 4, Agios Athanasios
4102 Limassol
Cyprus
Phone: +7 495 648-10-00
Fax: +7 495 645-59-09
E-mail: media@tinkoff.ru
Internet: https://www.tinkoff.ru
ISIN: US87238U2033
Listed: Foreign Exchange(s) London, Moscow
Category Code: MSCM
TIDM: TCS
LEI Code: 2534000KL0PLD6KG7T76
Sequence No.: 4534
End of Announcement EquityStory.RS, LLC News Service
602003 16-Aug-2017
1: mailto:ir@tcsbank.ru
(END) Dow Jones Newswires
August 16, 2017 11:29 ET (15:29 GMT)
