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TCS Group Holding PLC: 3Q and 9M17 IFRS Results and Interim Dividends

Dow Jones received a payment from EQS/DGAP to publish this press release.

TCS Group Holding PLC (TCS) 
TCS Group Holding PLC: 3Q and 9M17 IFRS Results and Interim Dividends 
 
20-Nov-2017 / 07:00 CET/CEST 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
TCS Group Holding PLC Announces 3Q and 9M 2017 IFRS Results and Interim 
Dividends 
 
Moscow, Russia - 20 November 2017. 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 its interim condensed 
consolidated IFRS results for the third quarter and for the nine months 
ended 30 September 2017. 
 
KEY FINANCIAL HIGHLIGHTS 
 
3Q 2017 
 
  - Net margin up 41% y-o-y to RUB 12.2 bn (3Q16: RUB 8.7 bn) 
 
  - Profit before tax up 67% y-o-y to RUB 6.6 bn (3Q16: RUB 4.0 bn) 
 
  - Net income up 75% y-o-y to RUB 5.0 bn (3Q16: RUB 2.9 bn) 
 
  - ROE increased to 53.7% (3Q16: 43.4%) 
 
  - Net interest margin at 25.1% (3Q16: 25 .5%) 
 
  - Cost of risk at 6.0% (3Q16: 8.3%) 
 
9M 2017 
 
  - Net margin grew by 37% y-o-y to RUB 33.1 bn (9M16: RUB 24.2 bn) 
 
  - Profit before tax up 70% y-o-y to RUB 16.5 bn (9M16: RUB 9.7 bn) 
 
  - Net income up 73% y-o-y to RUB 12.6 bn (9M16: RUB 7.3 bn) 
 
  - ROE grew to 48.8% (9M16: 39.0%) 
 
  - Net interest margin at 25.6% (9M16: 25.7%) 
 
  - Total assets increased by 35% to RUB 236.0 bn (YE16: RUB 175.4 bn) 
 
  - Gross loans and advances to customers up 27% to RUB 153.4 bn (YE16: RUB 
  120.4 bn) 
 
  - Net loans and advances to customers up 30% to RUB 134.1 bn (YE16: RUB 
  102.9 bn) 
 
  - Share of non-performing loans (NPLs) at 9.4% (YE16: 10.2%) 
 
  - Customer accounts increased by 25% to RUB 155.7 bn (YE16: RUB 124.6 bn) 
 
  - Total equity up by 33% to RUB 39.1 bn (YE16: RUB 29.5 bn) 
 
KEY HIGHLIGHTS FOR 9M 2017 
 
  - In 9M17 over 1.3M new active credit card customers were acquired, 
  underpinning net loan growth of 30% YTD 
 
  - In July 2017 Tinkoff Bank was named the most profitable bank in Central 
  and Eastern Europe by The Banker magazine 
 
  - In July 2017 Global Finance declared Tinkoff Bank the winner in two of 
  the World's Best Consumer Digital Banks 2017 award categories 
 
  - In August 2017 Tinkoff Bank started the gradual deployment of its own 
  ATM network. There are now approximately 200 installed across Russia 
 
  - In August 2017 Tinkoff mobile banking app was recognized as best in 
  Russia by Markswebb Rank & Report in four nominations - apps for iPhone, 
  Android and Windows smartphones and apps for iPads 
 
KEY HIGHLIGHTS POST 9M 2017 
 
  - As of 1 October 2017 Tinkoff Bank was the second largest credit card 
  player in Russia with a market share of 11.6% 
 
  - In October 2017, the Group acquired a 55% stake in CloudPayments, an 
  innovative online payment solutions provider. The deal will enable Tinkoff 
  to enhance its merchant acquiring business line as part of its growing SME 
  offering 
 
  - In November 2017, the Tinkoff mobile banking app was named as best in 
  CIS by Markswebb Rank & Report 
 
Third 2017 Interim Dividend and Special Interim Dividend Announcements 
 
In line with the Group's dividend policy, the Board of Directors yesterday 
approved a third interim gross dividend for 2017 of USD 0.22 per share/GDR 
(with each GDR representing one share), with a total dividend payment of 
around USD 40.2 mn (RUB 2.4 bn). In addition to this, and due to the 
stronger than expected bottom-line result, the Board of Directors approved a 
special interim dividend of USD 0.18 per share/GDR (with each GDR 
representing one share), with a total dividend payment of around USD 32.9 mn 
(RUB 2.0 bn). 
 
Subject to London Stock Exchange regulations, indicatively the dividends 
will be payable around 6 December 2017, to those shareholders on the Group's 
register as at the record date of Friday, 1 December 2017. The ex-dividend 
date will be 30 November 2017. 
 
According to the terms of the GDR deposit agreement, holders of the Group's 
GDRs will receive their dividends approximately 5 business days after the 
payment date. 
 
GUIDANCE FOR 2018 
 
Following strong underlying growth in the first nine months of 2017, the 
Group is pleased to reaffirm its FY17 performance guidance and provide the 
following guidance for FY18: 
 
  - net income to be at least RUB 24 bn 
 
  - net loan growth to be at least 25% 
 
  - cost of risk to be around 7-8% 
 
  - cost of borrowing to be around 7-8% 
 
NB. This guidance is based on IAS39 and not IFRS9. There may be some changes 
when Tinkoff moves to IFRS9 from 1 January 2018. 
 
Oliver Hughes, CEO of Tinkoff Bank, commented: 
 
"In 3Q 2017, the Group delivered another strong set of results, driven by 
significant loan growth, good credit quality, and the new business lines 
hitting break-even. We have posted net income of RUB 5.0 bn, bringing our 
total net income for nine months to RUB 12.6 bn. With continued robust net 
income performance, the Group reports an ROE of 48.8% for the year to date. 
 
"Our diversification process has continued to show impressive results, with 
non-credit businesses contributing increasingly to both the top and bottom 
lines. As of today over 22% of our top line result comes from non-credit 
business lines. Tinkoff Business broke even in June this year and doubled 
its customer base since the beginning of the year, and we plan to reach 
around 250,000 opened accounts by year-end. Tinkoff Mortgage is well on 
track to exceed our target of RUB 7 bn of mortgage loans disbursed by the 
end of the year. We now have 10 partner banks and expect this business line 
to break even by year-end. We continue to expand Tinkoff Investments, which 
now has almost 65,000 brokerage accounts opened. 
 
"At the same time, our core credit card business is having another excellent 
year. We added over 550,000 new credit cards activated in the third quarter, 
underpinning net loan growth of 30% year-to-date. Credit quality is good, 
the risk profile of incoming customers is stable and cost of risk is low at 
6.0% for the second quarter in a row. Tinkoff's cost of borrowing stands at 
7.7% after the placement of the USD 300 mn perpetual Tier 1 Eurobond in 
June. 
 
"We also continue to innovate our processes to continuously increase 
operational efficiency. For example, our use of voice recognition technology 
allows us to save around 720 hours of employee time per month, while using 
chat bots to field 20% of all of the incoming queries without connecting to 
an employee also helps keep costs down. 
 
"Thanks to the robust performance in 3Q, we can reiterate our guidance for 
net profit of over RUB 17 bn for the full year and give new guidance of at 
least RUB 24 bn for 2018. We are also delighted to announce that, in line 
with the Group's dividend policy, the Board of Directors has approved two 
dividends: the first is RUB 2.4 bn in line with the dividend policy; the 
second is a special interim dividend of RUB 2.0 bn which we are able to pay 
as a result of the stronger than expected bottom-line results." 
 
FINANCIAL AND OPERATING REVIEW 
 
RUB bn                       3Q17 3Q16 Change  9M17  9M16 Change 
Credit cards issued ('000     735  334   2.2x 1,760   958   +84% 
pcs) 
Credit card                  75.2 46.7   +61% 194.6 124.7   +56% 
transactions 
Net margin                   12.2  8.7   +41%  33.1  24.2   +37% 
Net margin after loan        10.0  6.3   +59%  26.5  17.3   +53% 
impairment 
Profit before tax             6.6  4.0   +67%  16.5   9.7   +70% 
Net income                    5.0  2.9   +75%  12.6   7.3   +73% 
 
RUB bn                           30 September         31  Change 
                                         2017   December 
                                                    2016 
Total Assets                            236.0      175.4    +35% 
Net loans and advances to               134.1      102.9    +30% 
customers 
Cash and treasury portfolio              76.9       49.5    +55% 
Total Liabilities                       196.9      145.9    +35% 
Customer accounts                       155.7      124.6    +25% 
Total Equity                             39.1       29.5    +33% 
Tier 1 capital ratio                    23.6%      14.8%  +8.8pp 
Total capital ratio                     23.9%      16.3%  +7.6pp 
CBR N1.0 (capital adequacy             15.99%     11.13% +4.86pp 
ratio) 
 
The Group delivered another strong set of results for 3Q and 9M17 following 
accelerating growth of its core credit card business and the excellent 
performance of its new business lines. 
 
As a result, the Group reported a net income for 3Q17 and 9M17 of RUB 5.0 bn 
and RUB 12.6 bn respectively. This translated into ROE of 53.7% for 3Q17 and 
48.8% for 9M17. 
 
In 9M17, the Group issued 1.76M credit cards, including 735,000 in 3Q17. The 
total volume of credit card transactions in 9M17 grew by 56% y-o-y to RUB 
194.6 bn (9M16: RUB 124.7 bn). 
 
In 9M17, gross interest income grew by 23% y-o-y to RUB 42.9 bn (9M16: RUB 
34.8 bn), while in 3Q17 it was up 30% y-o-y to RUB 15.8 bn (3Q16: RUB 12.2 
bn), driven by growth in both the loan book and securities portfolio. Gross 
interest yield stayed at 40.0% in 3Q17, while the interest yield on the 
Group's securities portfolio stayed at 7.3%. Gross yield for 9M17 amounted 
to 39.5% (9M16: 40.0%). 
 
In 3Q17, interest expense grew by 2% y-o-y to RUB 3.45 bn (3Q16: RUB 3.4 
bn). The cost of borrowing stayed at 7.7% in 3Q17 following declining retail 
deposit rates. 
 
In 3Q17, net margin grew by 41% y-o-y to RUB 12.2 bn (3Q16: RUB 8.7 bn), 
while in 9M17 it increased by 37% y-o-y to RUB 33.1 bn (9M16: RUB 24.2 bn). 
The net interest margin (NIM) stood at 25.1% in 3Q17 (3Q16: 25.5%) and at 
25.6% in 9M17 (25.7% in 9M16). Due to lower cost of risk, the risk-adjusted 
net interest margin increased to 20.6% in 3Q17 (3Q16: 18.6%) and to 20.5% in 
9M17 (9M16: 18.3%). 
 
The Group continues to focus on controlling its cost of risk and efficiently 

(MORE TO FOLLOW) Dow Jones Newswires

November 20, 2017 01:00 ET (06:00 GMT)

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