TCS Group Holding PLC (TCS)
Statement on Tinkoff Bank's RAS Financial Highlights for January - October
2019
28-Nov-2019 / 16:10 MSK
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 - October
2019
Moscow, Russia - 28 November 2019. TCS Group Holding PLC (LI: TCS, MOEX:
TCSG) (the "Group"), Russia's leading provider of online financial and
lifestyle services via its Tinkoff ecosystem, today announces Tinkoff Bank's
unaudited RAS financial highlights for January - October 2019.
For the ten months of 2019, net income stood at RUB 25.3bn versus RUB 14.4bn
in January-October 2018, which is attributed to growth of net interest
income, stable cost of funding, good 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 364bn representing an increase of
62% y-o-y. The net loan portfolio amounted to RUB 313bn having increased by
69% y-o-y and constituted 61% of total assets (53% at year-end 2018).
Retail customer accounts stood at RUB 312bn. Tinkoff Bank continued to retain
substantial liquidity: the CBR N2 ratio stood at 90% (minimum requirement:
15%), and the CBR N3 ratio was 155% (minimum requirement: 50%). Retail
customer accounts constituted 75% of total liabilities.
Total assets increased by 50% y-o-y to RUB 514bn.
As of 1 November 2019, total capital including retained profits (based on
Form 123) amounted to RUB 97.6bn. The CBR N1 capital adequacy ratio was
12.44%. Core Capital Adequacy Ratio (N1.1) was 8.32% and Main Capital
Adequacy Ratio (N1.2) was 10.76%.
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 Tinkoff
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 Neri Tollardo
+44 7741 078383
ir@tinkoff.ru [1]
TCS Group Holding PLC
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, management company Tinkoff Capital, Tinkoff
Software DC, a network of development hubs in major Russian cities, and
Tinkoff Education. The Group is currently developing Tinkoff ecosystem,which
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 and on the Moscow Exchange.
The Group's key business is Tinkoff Bank, a fully online bank that serves
over 10 mn customers and forms the core of the Tinkoff ecosystem.
Tinkoff Bank is the second largest player in the Russian credit card market,
with a share of 13.2%. The 9M 2019 IFRS net income of TCS Group Holding PLC
amounted to RUB 25.1 bn. The ROE was 59%.
With no branches, the Group serves all its customers remotely via online
channels and a cloud-based call centre. To ensure smooth delivery of the
Group's products, the Group has a proprietary nationwide network of
representatives.
In 2018, Global Finance named Tinkoff Bank the world's Best Consumer Digital
Bank, in 2019, 2018, 2016 and 2015, the Best Consumer Digital Bank in Russia,
and in 2019, the Best Consumer Digital Bank in Central and Eastern Europe. In
2017 and 2013, the Banker recognised Tinkoff Bank as the Bank of the Year in
Russia. The bank's mobile app has consistently received top industry ratings
and awards (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.: 32101
EQS News ID: 923875
End of Announcement EQS News Service
1: mailto:ir@tcsbank.ru
(END) Dow Jones Newswires
November 28, 2019 08:10 ET (13:10 GMT)
