18 Nov 2015 14:15
Statement on Tinkoff Bank's RAS Financial Highlights for January-October 2015
Moscow, Russia - 18 November 2015. TCS Group Holding PLC (TCS LI) (the "Group"), including Tinkoff Bank, Russia's leading provider of online retail financial services, today announces Tinkoff Bank's unaudited RAS financial highlights for January-October 2015.
For the first ten months of 2015, net income stood at RUB 2.4 bn as a result of higher interest expenses, increased loan provisioning and losses from operations with foreign currencies due to the Russian Ruble devaluation. Tinkoff Bank had low FX exposure hedging its long-term liabilities with swaps.
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 and therefore RAS figures should not be used as the basis for conclusions on forthcoming IFRS results.
The gross loan portfolio amounted to RUB 102.9 bn representing an increase of 7% y-o-y. The net loan portfolio amounted to RUB 77.5 bn having increased by 9% y-o-y and constituted 64% of total assets (63% at year-end 2014).
Retail customer accounts increased by 80% y-o-y and by 82% year-to-date to RUB 75.0 bn. Tinkoff Bank continued to retain substantial liquidity: the CBR N2 ratio stood at 34.8% (minimum requirement: 15%), and the CBR N3 ratio was 143.7% (minimum requirement: 50%). Retail customer accounts constituted 75% of total liabilities.
Total assets increased by 15% y-o-y to RUB 120.8 bn.
As of 1 November 2015, total capital including retained profits (based on Form 123) amounted to RUB 24.7 bn. The CBR N1 capital adequacy ratio was 13.2%. Both Core Capital Adequacy Ratio (N1.1) and Main Capital Adequacy Ratio (N1.2) were 9.6%.
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 Darya ErmolinaHead of PR + 7 495 648-10-00 (ext. 2009) d.ermolina@tinkoff.ru
FTI Consulting Elena Kalinskaya +44 (0) 20 3727 1279 tcsgroupholding@fticonsulting.com
| Tinkoff Bank Larisa Chernysheva IR Department + 7 495 648-10-00 (ext. 2312) ir@tinkoff.ru
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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. In order to support its branchless platform, the Group has also developed a "smart courier" network covering almost 600 cities and towns in Russia which allows next day delivery to many customers.
Since its launch in 2007 by Mr Oleg Tinkov, a renowned Russian entrepreneur with a long track record of creating successful businesses, the Group has grown into a leader in the Russian credit card market. As of 1 August 2015, the Group has issued over 5.2 mln credit cards.
In addition to a market-leading credit card offering, the Group has developed a successful online retail deposits programme. The Group's other innovative lines of business include Tinkoff Online Insurance, which enables the Group to underwrite and sell its own innovative online insurance products.
As of 30 June 2015, the Group's total assets amounted to RUB 122.2 bn, net loans and advances to customers stood at RUB 75.6 bn and customer accounts (deposits) amounted to RUB 71.7 bn. In 2Q15, the Group generated a net profit of RUB 0.4 bn and net interest income of RUB 6.4 bn. As of 30 June 2015, the Group is well capitalised with the total capital ratio and Tier 1 capital ratio of 19.6% and 15.0%, respectively, in accordance with Basel III methodology.