TCS Group Holding PLC (TCS)
TCS Group Holding PLC: Statement on Tinkoff Bank's RAS Financial Highlights
for January - May 2019
04-Jul-2019 / 15:05 MSK
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Statement on Tinkoff Bank's RAS Financial Highlights for January - May 2019
Moscow, Russia - 4 July 2019. TCS Group Holding PLC (TCS LI) (the "Group"),
Russia's leading provider of online financial and lifestyle services via its
Tinkoff.ru ecosystem, today announces Tinkoff Bank's unaudited RAS financial
highlights for January - May 2019.
For the five months of 2019, net income stood at RUB 10.4bn, 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 320bn representing an increase of
69% y-o-y. The net loan portfolio amounted to RUB 276bn having increased by
73% y-o-y and constituted 64% of total assets (53% at year-end 2018).
Retail customer accounts stood at RUB 263bn. Tinkoff Bank continued to retain
substantial liquidity: the CBR N2 ratio stood at 47% (minimum requirement:
15%), and the CBR N3 ratio was 97% (minimum requirement: 50%). Retail
customer accounts constituted 71% of total liabilities.
Total assets increased by 45% y-o-y to RUB 430bn.
As of 1 June 2019, total capital including retained profits (based on Form
123) amounted to RUB 76.9bn. The CBR N1 capital adequacy ratio was 11.42%.
Core Capital Adequacy Ratio (N1.1) was 8.06% and Main Capital Adequacy Ratio
(N1.2) was 10.96%.
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. It includes Tinkoff Bank, mobile virtual network operator Tinkoff
Mobile, Tinkoff Insurance, and Tinkoff Software DC, a network of development
hubs in major Russian cities. The Group also has Tinkoff.ru, an evolving
ecosystem that offers financial and lifestyle services.
The Group was founded in 2006 by Russian entrepreneur Oleg Tinkov and has
been listed on the London Stock Exchange since October 2013.
The Group's key business is Tinkoff Bank, the country's first and only direct
bank and the core of the Tinkoff.ru ecosystem.
Tinkoff Bank is the second largest player in the Russian credit card market,
with a share of 12.4% as of 1 April 2019. The 1Q'19 IFRS net income of TCS
Group Holding PLC amounted to RUB 7.2 bn, ROE stood at 64.4%.
With no branches, the Group serves all its customers remotely via online
channels and a cloud-based call centre staffed by over 10,000 employees,
which makes it one of the largest in Europe. To ensure smooth delivery of the
Group's products, the Group has a nationwide network of over 2,500
representatives.
In 2018 Global Finance named Tinkoff Bank the world's Best Consumer Digital
Bank, in 2018, 2016 and 2015, the Best Consumer Digital Bank in Russia, and
in 2017 and 2013 The Banker recognised it as the Bank of the Year in Russia.
The bank's mobile app has been consistently praised by local and global
independent experts as the best of its kind (in 2013, 2014, 2015, 2016 by
Deloitte and in 2018 by Global Finance).
ISIN: US87238U2033
Category Code: MSCL
TIDM: TCS
LEI Code: 2534000KL0PLD6KG7T76
Sequence No.: 12395
EQS News ID: 836331
End of Announcement EQS News Service
1: mailto:ir@tcsbank.ru
(END) Dow Jones Newswires
July 04, 2019 08:05 ET (12:05 GMT)
