Statement on Tinkoff Bank's RAS Financial Highlights for January - May 2021

Moscow, Russia - 08 July 2021. 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 - May 2021.

 

For the first five months of 2021, net income stood at RUB 19.2bn versus RUB 13.2bn in January - May 2020.

 

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 542bn representing an increase of 44% y-o-y. The net loan portfolio amounted to RUB 460bn having increased by 50% y-o-y and constituted 50% of total assets (44% at year-end 2020). 

 

Retail customer accounts stood at RUB 581bn. Tinkoff Bank continued to retain substantial liquidity: the CBR N2 ratio stood at 67% (minimum requirement: 15%), and the CBR N3 ratio was 118% (minimum requirement: 50%). Retail customer accounts constituted 73% of total liabilities.

 

Total assets increased by 46% y-o-y to RUB 913bn.

 

As of 1 June 2021, total capital including retained profits (based on Form 123) amounted to RUB 128.4bn. The CBR N1 capital adequacy ratio was 11.7%. Core Capital Adequacy Ratio (N1.1) was 8.8% and Main Capital Adequacy Ratio (N1.2) was 10.7%.

 

 

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 Artem Lebedev PR Department + 7 495 648-10-00 (ext. 2202) Alexandr Leonov + 7 495 648-10-00 (ext. 35738) pr@tinkoff.ru	Tinkoff Larisa Chernysheva IR Department + 7 495 648-10-00 (ext. 2312) Andrey Pavlov-Rusinov ir@tinkoff.ru

 

TCS Group Holding PLC 

 

TCS Group Holding PLC is an innovative provider of online retail financial services. Its portfolio includes Tinkoff Bank, the mobile virtual network operator Tinkoff Mobile, Tinkoff Insurance, the management company Tinkoff Capital, Tinkoff Software DC, a network of development hubs in Russia's largest cities, and Tinkoff Education. The Group is currently developing the 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 largest business is Tinkoff Bank, a fully online bank that serves over 13 million customers and represents the core of the Tinkoff ecosystem.

 

Tinkoff Bank is the second largest player in the Russian credit card market, with a share of 14.0%. The 2020 IFRS net income of TCS Group Holding PLC amounted to RUB 44.2 billion. The ROE was 40.6%.

 

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.

 

Global Finance named Tinkoff Bank the world's Best Digital Consumer Bank in 2018 and 2020, the Best Digital Consumer Bank in Russia in 2020, 2018, 2016 and 2015, and the Best Digital Consumer Bank in Central and Eastern Europe in 2019 and 2020. The Banker recognised Tinkoff Bank as the Bank of the Year in Russia in 2017 and 2013, and as the Best-performing Russian Bank in 2020. The bank's mobile app has consistently received top industry ratings and awards (by Deloitte in 2013, 2014, 2015, 2016 and by Global Finance in 2018 and 2020) and in 2020, was ranked by Forbes among the top-3 Best Russian Employers.