TCS Group Holding PLC
Statement on Tinkoff Bank’s RAS Financial Highlights for January 2017
TCS Group Holding PLC / Miscellaneous – Urgent Priority Statement on Tinkoff Bank’s RAS Financial Highlights for January 2017 Moscow, Russia – 20 February 2017. TCS Group Holding PLC (TCS LI) (the ‘Group’), Russia’s leading provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance, today announces Tinkoff Bank’s unaudited RAS financial highlights for January 2017. For the first month of 2017, net income stood at RUB 1.7bn versus RUB 749mn in January 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. Our strong January 2017 RAS results are driven by two major continuing trends: a) the consistent, high-quality growth of our consumer finance business; b) the growing contribution from our non-credit, fee-and-commission business lines.
Please note that the figures in this press release are calculated in accordance with Tinkoff Bank’s internal methodology which is available at: 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.
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. The Group has also developed a ‘smart courier’ network covering almost all cities and towns in Russia which allows next day delivery to many customers. Tinkoff Bank’s product range includes credit, debit and prepaid cards, deposits, co-branded cards, agent-based mortgage products and investment services. With its special focus on mobile, 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 per its five-year strategy, the Group has the ambition to become a financial marketplace, offering both own brand and partner products. As at 1 January 2017, the bank was the second largest player in the Russian credit card market, with a market share of 10.3%. The Group’s 9M 2016 IFRS net income amounted to RUB 7.3 bn. 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.
The EquityStory.RS, LLC Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | TCS Group Holding PLC |
2nd Floor, Sotiri Tofini 4, Agios Athanasios | |
4102 Limassol | |
Cyprus | |
Phone: | +7 495 648-10-00 |
Fax: | +7 495 645-59-09 |
E-mail: | media@tinkoff.ru |
Internet: | https://www.tinkoff.ru |
ISIN: | US87238U2033 |
Listed: | Foreign Exchange(s) London, Moscow |
Category Code: | MSCU |
TIDM: | TCS |
LEI Code: | 2534000KL0PLD6KG7T76 |
Sequence No.: | 3865 |
End of Announcement | EquityStory.RS, LLC News Service |