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Business & Finance

Russia's TCS Group sees net profit at 75bn roubles in 2023

  • TCS posted a 22% increase in net profit last year to 44.2 billion roubles, a record high, as the Russian bank said the number of customers for its non-credit products exceeded those seeking credit for the first time.
  • The group, which runs Russia's largest online bank Tinkoff with more than 13 million customers, forecast a return-on-equity of more than 30% every year.
07 Apr 2021

MOSCOW: Russian lender TCS Group Holding expects average annual growth in its net profit of more than 20% until it reaches 75 billion roubles ($962.1 million) in 2023, the company said in a presentation on Wednesday.

TCS posted a 22% increase in net profit last year to 44.2 billion roubles, a record high, as the Russian bank said the number of customers for its non-credit products exceeded those seeking credit for the first time.

The group, which runs Russia's largest online bank Tinkoff with more than 13 million customers, forecast a return-on-equity of more than 30% every year.

It said its strategic objective for 2023 was to build the world's most "comprehensive, engaging and innovative" financial and lifestyle ecosystem.

Russia's central bank is drafting regulations to govern so-called ecosystems, a term used in the country to describe businesses which stretch beyond a bank's core function and aim to provide a single window for services to its clients.

The bank this month published a detailed report on its approach to regulating ecosystems, highlighting the risks in lenders' assets beyond banking.