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TCS Group Holding PLC (TCS)
TCS Group Holding PLC: Statement on Tinkoff Bank's RAS Financial Highlights
for January - November 2017
26-Dec-2017 / 13:42 CET/CEST
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 - November
2017
Moscow, Russia - 26 December 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 Tinkoff Bank's
unaudited RAS financial highlights for January - November 2017.
For the eleven months of 2017, net income stood at RUB 16.2bn versus RUB
8.4bn in January-November 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 167bn representing an increase of
42% y-o-y. The net loan portfolio amounted to RUB 140bn having increased by
45% y-o-y and constituted 56% of total assets (57% at year-end 2016).
Retail customer accounts stood at RUB 141bn. Tinkoff Bank continued to retain
substantial liquidity: the CBR N2 ratio stood at 52% (minimum requirement:
15%), and the CBR N3 ratio was 180% (minimum requirement: 50%). Retail
customer accounts constituted 67% of total liabilities.
Total assets increased by 50% y-o-y to RUB 252bn.
As of 1 December 2017, total capital including retained profits (based on
Form 123) amounted to RUB 58.9bn. The CBR N1 capital adequacy ratio was
16.29%. Core Capital Adequacy Ratio (N1.1) was 10.31% and Main Capital
Adequacy Ratio (N1.2) was 15.07%.
Our strong November 2017 RAS results are driven by two major continuing
trends:
a) an ongoing quality growth of our consumer finance business;
b) a growing contribution from our non-credit fees-and-commission business
lines.
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 October 2017, the bank was the second largest player in the Russian
credit card market, with a market share of 11.6%. The 9M 2017 IFRS net income
of TCS Group Holding PLC amounted to RUB 12.6 bn, ROE stood at 48.8%.
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.
ISIN: US87238U2033
Category Code: MSCL
TIDM: TCS
LEI Code: 2534000KL0PLD6KG7T76
Sequence No.: 5054
End of Announcement EQS News Service
641819 26-Dec-2017
1: mailto:ir@tcsbank.ru
(END) Dow Jones Newswires
December 26, 2017 07:43 ET (12:43 GMT)
