Receipts of parent company Tinkoff Bank on the Moscow Stock Exchange fell by 5% in trading. Investors sold the securities after the company reported that its net profit in the third quarter dropped by 64% compared with the same period last year
Receipts TCS Group, the parent company of Tinkoff Bank, during the trading on the Moscow Stock Exchange have fallen more than 5%. As of 10:59 Moscow time, the securities were trading at 2,662 rubles, 5.2 percent cheaper than at the close of trading on Tuesday. Later, the decline slowed: As of 11:39 Moscow time, the securities were down 1.8% at 2,749 rubles.
TCS Group announced on November 23 that it had received 5.9 billion rubles of net profit according to IFRS in the third quarter. This is 64% less than the same period last year (16.5 billion rubles). The net profit for the first nine months of 2012 has decreased almost five times: 10.1 billion rubles against 46.8 billion rubles for the same period last year. TCS Group explained the reduction of profitability in its report by “the growth of the cost of funding and a conservative approach to the formation of reserves. The group did not disclose the level of reserves.
TCS Group’s total revenue in the third quarter “grew at a double-digit rate” compared with the same period last year, the group said. It did not disclose the absolute revenue figure. The revenue growth, the company explained, was largely due to “an increase in its customer base.” According to the company, the total number of customers TCS Group in the third quarter reached 26.3 million people – a year-on-year increase of 42%.
The TCS Group loan portfolio has decreased by 4% in comparison with the beginning of the year and has amounted to 584 billion rubles. Funds in customer accounts have increased by 2% since the beginning of the year to 961 billion rubles. Net interest income of the group for the first nine months of 2022 increased by 6%, to 103.1 billion rubles, in the third quarter – by 5%, to 36.7 billion rubles.