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Russian lender TCS posts record profit, focused on challenges -Breaking


© Reuters. FILE PHOTO – Oliver Hughes, Chairman of Tinkoff Bank’s Management Board and Chief Executive Officer, attends an event as Russian lender TCS begins trading on Moscow Exchange, Moscow, Russia, October 28, 2019. REUTERS/Evgenia Novozhenina/

MOSCOW, (Reuters) – Russian lender TCS Group Holding announced Friday that 2021’s net profit jumped by 43% in roubles to set a new year record. But it stated that now its focus was on ensuring the systems run as normal.

When compared to the 2021 average rate, 73.65, last year’s net profit was $63.4 billion rubles ($561,000,000). This is roughly $860 million dollars.

Tinkoff is Russia’s most popular online bank. It had 20.8million customers at the end of last year. However, trading of global depositary receipts listed in London was suspended along with other Russia-based firms on Thursday.

“While we report strong results for 2021,” Pavel Fedorov and Oliver Hughes, Co-CEOs at TCS Group said in a statement. All hands are on the deck. There is plenty of FX liquidity as well as solid capital.

Russia’s banking system has been the target of severe sanctions. Many banks in Russia have been excluded from SWIFT’s global messaging network. This makes it difficult for companies and lenders to receive and make payments.

Moscow is being sought out by the west to be isolated for invading Ukraine. Russia refers to this as a “specially military operation”.

TCS indicated that it can, at all times and from any place, purchase outstanding debt via open-market transactions or privately negotiated deals.

TCS explained that any repurchases of shares will take place at the terms and prices we choose. These will vary depending on market conditions, liquidity requirements and contractual restrictions.

Revenue for the full year increased 40% to 273.9 million roubles. The bank’s equity return rose from 50% to 42.5% in 2018, to 42.5% by 2021.

Since Russia’s attack on Ukraine, its share price plunged more than 90% by the time that trading was halted.

Investors and analysts will be addressed by the management team at 1400 GMT.

($1 = 113.0000 roubles)

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