TCS Group Holding PLC: Statement on Tinkoff Bank's RAS Financial Highlights for January - November 2019Source: EQS
For the eleven months of 2019, net income stood at RUB 26.7bn versus RUB 16bn in January-November 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 369bn representing an increase of 55% y-o-y. The net loan portfolio amounted to RUB 316bn having increased by 61% y-o-y and constituted 61% of total assets (53% at year-end 2018).
Retail customer accounts stood at RUB 320bn. Tinkoff Bank continued to retain substantial liquidity: the CBR N2 ratio stood at 93% (minimum requirement: 15%), and the CBR N3 ratio was 163% (minimum requirement: 50%). Retail customer accounts constituted 74% of total liabilities.
Total assets increased by 43% y-o-y to RUB 514bn.
As of 1 December 2019, total capital including retained profits (based on Form 123) amounted to RUB 99.3bn. The CBR N1 capital adequacy ratio was 12.38%. Core Capital Adequacy Ratio (N1.1) was 9.76% and Main Capital Adequacy Ratio (N1.2) was 12.16%.
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:
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:
The Group was founded in 2006 by Russian entrepreneur
The Group's key business is
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
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