TCS Group Holding PLC
Statement on Tinkoff Bank’s RAS Financial Highlights for January – August 2019
TCS Group Holding PLC (TCS)
Statement on Tinkoff Bank’s RAS Financial Highlights for January – August 2019 Moscow, Russia – 25 September 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 – August 2019.
For the eight months of 2019, net income stood at RUB 19.3bn, 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 357bn representing an increase of 73% y-o-y. The net loan portfolio amounted to RUB 308bn having increased by 81% y-o-y and constituted 66% of total assets (53% at year-end 2018).
Retail customer accounts stood at RUB 295bn. Tinkoff Bank continued to retain substantial liquidity: the CBR N2 ratio stood at 63% (minimum requirement: 15%), and the CBR N3 ratio was 135% (minimum requirement: 50%). Retail customer accounts constituted 74% of total liabilities.
Total assets increased by 46% y-o-y to RUB 470bn.
As of 1 September 2019, total capital including retained profits (based on Form 123) amounted to RUB 89bn. The CBR N1 capital adequacy ratio was 11.71%. Core Capital Adequacy Ratio (N1.1) was 8.6% and Main Capital Adequacy Ratio (N1.2) was 11.22%.
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:
About Tinkoff
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ISIN: | US87238U2033 |
Category Code: | MSCL |
TIDM: | TCS |
LEI Code: | 2534000KL0PLD6KG7T76 |
Sequence No.: | 21337 |
EQS News ID: | 880051 |
End of Announcement | EQS News Service |