Russias TCS says first quarter net profit fell, without giving figures

div classBodysc17zpet90 cdBBJodivpReuters – TCS Group Holding, which runs online bank Tinkoff, Russias secondlargest credit card issuer, said on Wednesday its net profit had fallen yearonyear and quarteronquarter, but declined to disclose figures.p

pThe lender, which has not been hit directly by Western sanctions, has nevertheless endured a turbulent few weeks since Russia sent tens of thousands of troops into Ukraine on Feb. 24.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pTCS founder Oleg Tinkov in April sold his 35 stake to a firm controlled by Russian billionaire Vladimir Potanin, soon after criticising Moscows actions in Ukraine.p

pRussian authorities have allowed banks to limit the information they disclose and TCS opted not to publish detailed results as it would usually do under International Financial Reporting Standards IFRS.p

pTCS said Tinkoffs customer numbers rose to 22.7 million, nearly 8 million more than a year ago, adding that group gross revenue “grew materially yearonyear and also increased quarteronquarter”, while net interest margin also rose. p

p“The group has a significant rouble and FX liquidity cushion and ample capital buffers, which will enable it to adapt further to the changing environment in 2022,” TCS said. p

pNet profit, which remained positive, fell due primarily to an increase in funding costs and other factors, TCS said. p

pTCS, which ringfenced its Russian business in April, said regular quarterly dividends would remain suspended through December 2022. p

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pp Reporting by Reuters Editing by Alexander Smithp

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