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TCS Group Holding PLC Announces 1Q 2018 IFRS Results and 2nd Interim Dividend

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

TCS Group Holding PLC (TCS) 
TCS Group Holding PLC Announces 1Q 2018 IFRS Results and 2nd 
Interim Dividend 
 
30-May-2018 / 10:25 MSK 
Dissemination of a Regulatory Announcement, transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
Moscow, Russia - 30 May 2018. 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 first three months ended 31 March 2018. 
 
KEY FINANCIAL HIGHLIGHTS 
 
1Q 2018 
 
  - Net margin up 44% y-o-y to RUB 14.0 bn (1Q17: RUB 9.8 bn) 
 
  - Profit before tax up 68% y-o-y to RUB 7.4 bn (1Q17: RUB 4.4 bn) 
 
  - Net income up 70% y-o-y to RUB 5.7 bn (1Q17: RUB 3.4 bn) 
 
  - ROE increased to 68.5% (1Q17: 42.8%) 
 
  - Net interest margin at 25.5% (1Q17: 26.2%) 
 
  - Cost of risk decreased to 7.5% (1Q17: 7.6%) 
 
All balance sheet numbers and ratios as of 31 March 2018 below are compared 
with corresponding numbers and ratios as of 1 January 2018 and have been 
compiled in accordance with IFRS 9. All changes shown for comparative 
numbers and ratios also reflect the transition to IFRS 9. 
 
  - Total assets increased by 2.5% to RUB 265.8 bn (1 Jan'18: RUB 259.3 bn) 
 
  - Gross loans and advances to customers up 5.9% to RUB 176.4 bn (1 Jan'18: 
  RUB 166.7 bn) 
 
  - Net loans and advances to customers up 7.8% to RUB 139.8 bn (1 Jan'18: 
  RUB 129.7 bn) 
 
  - Share of non-performing loans (NPLs) at 12.6% (1 Jan'18: 13.4%) 
 
  - Customer accounts increased by 1.8% to RUB 182.3 bn (1 Jan'18: RUB 179.0 
  bn) 
 
  - Total equity increased by 8.3% to RUB 34.8 bn (1 Jan'18: RUB 32.1 bn) 
 
KEY HIGHLIGHTS FOR 1Q 2018 
 
  - In 1Q18 over 370k new active credit card customers were acquired, 
  underpinning net loan growth of 7.8% 
 
  - In February 2018, Tinkoff Bank announced the opening of a development 
  hub at the Skolkovo innovation centre to focus on delivering new business 
  solutions based on blockchain, as well as voice and face recognition 
  technologies. The Group now has 9 development hubs across Russia. 
 
  - Tinkoff Bank's website was named the best mobile website among Russian 
  banks, according to a review by Google and CXPartners 
 
  - In March 2018, Tinkoff Bank was issued a professional securities market 
  participant licence by the Bank of Russia to provide brokerage and 
  depositary services, thus allowing the Bank to further develop its 
  comprehensive investment platform and expand its range of investment 
  products 
 
  - The Bank was recognised as the leader among top 30 Russian banks by the 
  number of customer loyalty programmes based on the Bank Customer Loyalty 
  Programmes 2018 survey conducted by Markswebb 
 
  - Strong new business development for the reporting period included the 
  launch of multicurrency Tinkoff Black cards and premium Black Edition 
  programme 
 
KEY HIGHLIGHTS POST 1Q 2018 
 
  - Tinkoff Bank's market share increased to 11.7% as of 1 May 2018, further 
  solidifying its position as Russia's second largest credit card issuer. 
 
  - The Bank of Russia has recognised Tinkoff Bank as a significant credit 
  institution in the payment services market and added it to the relevant 
  register now numbering 36 financial institutions 
 
  - Following the issue of a professional securities market participant 
  licence, Tinkoff Bank re-launched its Tinkoff Investments brokerage 
  platform, offering customers a breadth of new capabilities to enable 
  faster and more technologically advanced securities trading 
 
  - Tinkoff Bank was a general partner of the St. Petersburg International 
  Economic Forum (SPIEF), which took place in St. Petersburg, Russia on 
  24-26 May 
 
  - Tinkoff Bank and the Talent and Success Foundation signed an agreement 
  to launch a development hub at Sirius educational center and to cooperate 
  in a number of areas, including joint R&D projects and working towards a 
  better regulatory framework to support innovation 
 
  - Tinkoff Bank and SME Bank signed a cooperation agreement for Tinkoff 
  Bank to become SME Bank's agent for transaction support services with 
  regard to the partner's SME lending programmes 
 
Second 2018 Interim Dividend Announcement 
 
In line with the Group's dividend policy, the Group's Board of Directors 
yesterday 
 
approved a second 2018 interim gross dividend of USD 0.24 per share/per GDR 
(with each GDR representing one class A share) with a total amount allocated 
for dividend payment for Q1 of around USD 43.8 mn. 
 
Subject to London Stock Exchange regulations, indicatively the dividend will 
be payable on 21 June 2018 to those shareholders on the register as at the 
record date of 15 June 2018. The ex-dividend date will be 14 June 2018. 
 
According to the terms of the GDR deposit agreement, holders of the Group's 
GDRs should receive their dividends approximately 5 business days after the 
payment date. 
 
Oliver Hughes, CEO of Tinkoff Bank, commented: 
 
"In the first quarter we delivered strong net income of RUB 5.7 billion 
underpinned by 44% year-on-year growth in net interest income. We also 
showed a solid 113% year-on-year increase in total fee and commission income 
reflecting successful expansion of new business-lines such as Tinkoff SME 
and Tinkoff Mortgage. With ROE at 68.5% for 1Q 2018, we remain one of the 
most profitable banks globally. 
 
"We continue to actively expand our non-credit business-lines. We have 
deepened integration of partner products and services such as Booking.com 
and Afisha restaurants through our award-winning mobile app and Tinkoff.ru 
platform, as we build out our ecosystem for lifestyle-related spending. We 
are also developing our investment platform and widening the range of 
investment products, after receiving a professional securities market 
participant license from the CBR in March. 
 
"Continued robust growth of our core lending business, combined with our 
goal to remain at the forefront of fintech services globally, requires 
top-flight human resources. To achieve this, we continue to attract local 
programming expertise through regional development hubs including Skolkovo, 
Russian institutions of higher education and other organisations supporting 
local IT talent and education. Our most recent partnership is with the 
Talent and Success Foundation, which will partner with us in applied 
research to harness the power of artificial intelligence and machine 
learning. 
 
"Five months into 2018, I am happy to confirm that the Group is well on 
track to deliver the full-year targets that were previously communicated to 
the market. In line with our dividend policy, the Board approved a 1Q 2018 
interim dividend of USD 43.8 mn." 
 
FINANCIAL AND OPERATING REVIEW 
 
RUB bn                                 1Q18 1Q17 Change 
Credit cards issued ('000 pcs)          520  450   +16% 
Credit card                            78.6 54.5   +44% 
transactions 
Net margin                             14.0  9.8   +44% 
Net margin after credit loss allowance 10.8  7.4   +46% 
Profit before tax                       7.4  4.4   +68% 
Net income                              5.7  3.4   +70% 
 
RUB bn                              31 March 1 Jan 2018 Change 
                                        2018 
Total Assets                           265.8      259.3  +2.5% 
Net loans and advances to customers    139.8      129.7  +7.8% 
Cash and treasury portfolio             96.0       96.3  -0.3% 
Total Liabilities                      231.0      227.1  +1.7% 
Customer accounts                      182.3      179.0  +1.8% 
Total Equity                            34.8       32.1  +8.3% 
Tier 1 capital ratio                   17.0%      17.7% -0.7pp 
Total capital ratio                    17.0%      17.8% -0.8pp 
CBR N1.0 (capital adequacy ratio)      16.7%      16.3% +0.4pp 
 
The Group delivered another strong set of results for 1Q18 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 1Q18 of RUB 5.7 bn, which 
translated into ROE of 68.5%. 
 
In 1Q18, the Group issued 520k new credit cards. The total volume of credit 
card transactions in 1Q18 increased by 44% y-o-y to RUB 78.6 bn (1Q17: RUB 
54.5 bn). 
 
In 1Q18, gross interest income grew by 37% y-o-y to RUB 17.7 bn (1Q17: RUB 
12.9 bn), driven by growth in both the loan book and securities portfolio. 
Gross interest yield decreased slightly to 38.0% in 1Q18, while the interest 
yield on the Group's securities portfolio came in at 6.8%. 
 
In 1Q18, interest expense grew by 16% y-o-y to RUB 3.4 bn (1Q17: RUB 3.0 
bn). The cost of borrowing fell to 6.4% in 1Q18 as a result of continued 
decrease in the deposit rates and growth of individual and SME current 
accounts share in the funding structure. 
 
In 1Q18, net margin grew by 44% y-o-y to RUB 14.0 bn (1Q17: RUB 9.8 bn). The 
net interest margin (NIM) stood at 25.5% in 1Q18 (1Q17: 26.2%). 
 
The Group continues to focus on controlling its cost of risk and efficiently 
managing the quality of its portfolio. Cost of risk was almost flat at 7.5% 
(1Q17: 7.6%), while the risk-adjusted net interest margin slightly decreased 
to 19.6% in 1Q18 (1Q18: 19.9%), both post-IFRS 9. 
 
The Group continues to develop its new business lines, all of which are 
demonstrating robust growth, with the SME business performing exceptionally 
well and contributing to the bottom line. In 1Q18, the Group's fee and 
commission income increased by a remarkable 113% y-o-y to RUB 5.8 bn (1Q17: 
RUB 2.7 bn). 
 
At the end of 1Q18, the Group had nearly 3.1 mn current account customers 
with a total balance of over RUB 78 bn across all their accounts. The 
Group's SME business has grown its customer base to over 292k SME customers 
in 1Q18, with RUB 23.9 bn in total on their current accounts. 
 
The Group continues to develop its mortgage platform in partnership with 11 
banks, through which it originated over RUB 4.6 bn of mortgage loans in 
1Q18. The mortgage business has seen its market share steadily increase 
quarter-on-quarter. 
 
Tinkoff Investments continues to demonstrate robust growth and hit 100K 
brokerage accounts on 14 May 2018. Following the launch of the Tinkoff 
Investment's own brokerage platform in 2018, the Group expects the business 
line to break even in late 2018. 
 
   In 1Q18 operating expenses increased by 61% year-on-year due to continued 
growth of acquisition expenses. The cost-to-income ratio was stable at 42.6% 
              in 1Q18 (1Q17: 42.7%). 
 
The Group reported net income of RUB 5.7 bn (1Q17: RUB 3.4 bn). As a result, 
ROE for the reporting period reached 68.5%. 
 
In 1Q18 the Group continued to maintain a healthy balance sheet with total 
assets remaining firm at RUB 265.8 bn (1 Jan 18: RUB 259.3 bn). 
 
In 1Q18 the Group's gross loan book grew by 5.9% to RUB 176.4 bn (1 Jan 18: 
RUB 166.7 bn), while the net loan book grew by 7.8% to RUB 139.8 bn (1 Jan 
18: RUB 129.7 bn). 
 
In 1Q18, the Group's NPL ratio came to 12.6%, as a result of adoption of 
IFRS 9 methodology. The Group's loan loss provision coverage stood at 1.6x 
non-performing loans. 
 
The Group's customer accounts increased by 1.8% YTD to RUB 182.3 bn (1 Jan 
18: RUB 179.0 bn). 
 
In 1Q18, the Group's total equity increased by 8.3% to RUB 34.8 bn (1 Jan 
18: RUB 32.1 bn). As of 1 April 2018, the Group's statutory N1.0 ratio was 
up at 16.7% and its N1.2 ratio had increased to 14.8%. N1.1 stood at a 
comfortable 10.4%. 
 
LAUNCH OF TENDER FOR EXTERNAL AUDITOR OF THE GROUP 
 
The Group announced in Q4 2017 it intended to conduct an audit tender during 
2018, in the context of the EU Regulation on audit reform of public interest 
entities. 
 
A competitive tender process, open on equal terms to registered audit 
companies that have the required industry expertise and resources in 
addition to meeting the statutory requirements and the professional 
standards, including the current external auditors, PwC, overseen by the 
Audit Committee of the Company, will be launched in the coming days with a 
view to identifying and appointing external auditors of the Group for 
accounting periods commencing on 1 January 2019 and thereafter. 
 
*** 
 
The management team will host an investor and analyst conference call at 
15:00 UK time (17:00 Moscow time, 10:00 U.S. Eastern Standard Time), on 
Wednesday, 30 May 2018. 
 
The press release, presentation and financial statements will be available 
on the Tinkoff website at 
https://www.tinkoff.ru/eng/investor-relations/results-and-reports/ [1] 
 
To participate in the conference call, please use the following access 
details: 
 
Conference ID                        7987458 
 
Russian Federation - Local           +7 495 646 9190 
Russian Federation - Toll Free       8 10 8002 8675011 
 
United Kingdom - Local               +44 (0)330 336 9411 
 
United Kingdom - Toll Free           0800 279 7204 
 
United States of America - Local     +1 323-794-2423 
 
United States of America - Toll Free 800-289-0438 
 
A live webcast of the presentation will be available at 
http://www.audio-webcast.com/cgi-bin/visitors.ssp?fn=visitor&id=5579 [2] 
 
Please register approximately 10 minutes prior to the start of the call. 
 
                                             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 [3] 
 
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 2,500 
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 2018, the bank was the second largest player in the Russian 
credit card market, with a market share of 11.7%. The 1Q18 IFRS net income 
of TCS Group Holding PLC amounted to RUB 5.7 bn, ROE grew to 68.5%. 
 
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. 
 
Forward-looking statements 
 
Some of the information in this announcement may contain projections or 
other forward-looking statements regarding future events or the future 
financial performance of the Group and Tinkoff Bank. You can identify 
forward looking statements by terms such as "expect", "believe", 
"anticipate", "estimate", "intend", "will", "could," "may" or "might", the 
negative of such terms or other similar expressions. The Group and Tinkoff 
Bank wish to caution you that these statements are only predictions and that 
actual events or results may differ materially. The Group and Tinkoff Bank 
do not intend to update these statements to reflect events and circumstances 
occurring after the date hereof or to reflect the occurrence of 
unanticipated events. Many factors could cause the actual results to differ 
materially from those contained in projections or forward-looking statements 
of the Group and Tinkoff Bank, including, among others, general economic 
conditions, the competitive environment, risks associated with operating in 
Russia, rapid technological and market change in the industries the Group 
operates in, as well as many other risks specifically related to the Group, 
Tinkoff Bank and their respective operations. 
 
ISIN:          US87238U2033 
Category Code: QRF 
TIDM:          TCS 
LEI Code:      549300XQRN9MR54V1W18 
Sequence No.:  5596 
EQS News ID:   690769 
 
End of Announcement EQS News Service 
 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=13f876824d4204227f0e471f7f0ef562&application_id=690769&site_id=vwd&application_name=news 
2: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=6a21d81bf701b409652c8ece95f0038d&application_id=690769&site_id=vwd&application_name=news 
3: mailto:ir@tcsbank.ru 
 

(END) Dow Jones Newswires

May 30, 2018 03:25 ET (07:25 GMT)

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