TCS Group Holding PLC Announces 4Q and FY 2016 IFRS Results
TCS Group Holding PLC (TCS LI) (the "Group"), Russia's leading provider of online retail financial services, including Tinkoff Bank and Tinkoff Insurance, today announces its audited IFRS results for the full year ended 31 December 2016, and a new dividend policy.
KEY FINANCIAL HIGHLIGHTS
- — Net interest income increased by 38.8% y-o-y to RUB 9.5 bn (4Q15: RUB 6.9 bn)
- — Profit before tax grew 3.8x y-o-y to RUB 4.8 bn (4Q15: RUB 1.3 bn)
- — Net income up 4.0x y-o-y to RUB 3.7 bn (4Q15: RUB 0.9 bn)
- — Net interest margin at 26.5% (4Q15: 26.9%)
- — Cost of risk declined to 5.0% (4Q15: 12.7%)
- — Net interest income increased by 38.3% y-o-y to RUB 34.0 bn (FY15: RUB 24.6 bn)
- — Profit before tax increased 5.7x y-o-y to RUB 14.6 bn (FY15: RUB 2.6 bn)
- — Record high net income of RUB 11 bn, above the upper range of the Group’s guidance of RUB 9-10 bn (FY15: RUB 1.9 bn)
- — Net interest margin up at 26.2% (FY15: 25.1%)
- — Cost of risk fell to 7.6% (FY15: 15.3%)
- — Total assets increased by 25.6% to RUB 175.4 bn (YE15: RUB 139.7 bn)
- — Gross loans and advances to customers up by 19.1% to RUB 120.4 bn (YE15: RUB 101.1 bn)
- — Net loans and advances to customers up 25.4% to RUB 102.9 bn (YE15: RUB 82.1 bn)
- — Non-performing loan (NPL) ratio reduced to 10.2% (YE15: 12.4%)
- — Customer accounts increased by 39.4% to RUB 124.6 bn (YE15: RUB 89.3 bn)
- — Total equity up by 28.6% to RUB 29.5 bn (YE15: RUB 22.9 bn)
NEW DIVIDEND POLICY
A new dividend policy takes effect from 14 March 2017 and replaces the previous policy which took effect on 2 March 2016.
The new dividend policy of the Group is to distribute surplus capital on a quarterly basis as determined by the Board with a target dividend payout ratio in respect of each quarter of each financial year of 50% of the net income achieved in the preceding financial quarter based on IFRS financial statements for that period. This is always subject to: any bank, funding or other covenants by which the Group is bound from time to time; and minimum regulatory capital requirements and other applicable prudential considerations/solvency commitments.