TCS Group Holding PLC releases highlights for 2Q’22 and 1H’22 performance

LIMASSOL, CYPRUS — 24 August 2022.
TCS Group Holding PLC (LI: TCS, MOEX: TCSG) («Tinkoff», «We», the «Group», the «Company»), a leading provider of online financial and lifestyle services via its Tinkoff ecosystem, today announces key performance metrics and trading update for the three months and six months ended 30 June 2022.

The entire Tinkoff team continues to work hard while keeping our customers' needs at the center of everything we do. We closely watch any changes in the external environment and react appropriately, supported by our vast sector expertise and our ability to quickly adapt to any new challenges and opportunities. Our total assets and total liabilities have remained stable with up to 1% growth in 1H’22 relative to the beginning of the year, while the company continued to be profitable in both quarters of 2022, albeit half-yearly net profit reached its lowest level over the last five years. The Group continues to maintain a significant liquidity cushion and ample capital buffers (almost twice above required minimums), which will enable it to adapt further to the changing environment in 2022.


 Key metrics, mn 2Q'22 2Q'21 1Q'22 Y-o-Y
Change, %
Change, %
Total customers 24.3 16.7 22.7 46% 7%
Active customers 17.3 11.5 15.8 50% 9%
Monthly active users (MAU) 19.5 12.5 17.7 56% 10%
Daily active users (DAU) 7.5 4.2 6.9 79% 9%


RUB bn 2Q’22 2Q’21 1Q’22 1H’22 1H’21
Interest income 52.2 39.9 31% 49.5 6% 101.6 75.2 35%
Interest expense (21.5) (6.2) 245% (11.8) 82% (33.2) (11.7) 183%
Fee and commission income 32.2 19.6 64% 36.3 -11% 68.5 36.1 90%
Fee and commission expense (8.7) (9.1) -5% (13.9) -37% (22.6) (16.8) 34%


Balance Sheet,
RUB bn
30.06.2022 31.03.2022 31.12.2021 30.06.2021
Loans and advances to customers* 584 616 -5% 606 -4% 507 15%
Customer accounts 983 922 7% 946 4% 707 39%

*Net portfolio

In 2Q’22, the Group’s total revenue grew materially showing strong double-digit percentage growth year-on-year, supported by continuous customer base expansion.

Interest income increased by 31% year-on-year to RUB 52.2 bn in 2Q’22 (2Q’21: RUB 39.9 bn), driven by the continued growth of our loan portfolio mainly in 2H’21, increase of the customer base and expansion of the credit product range.

Gross loan interest yield decreased slightly year-on-year following trend of the previous years. The interest yield on the Group’s securities portfolio slightly increased due to higher rates in bond and money markets.

In 2Q’22, interest expense rose by 245% year-on-year to RUB 21.5 bn (2Q’21: RUB 6.2 bn), driven by a marked increase in our cost of borrowing, owing to the monetary policy environment.

Fee and commission income increased by 64% year-on-year in 2Q’22 to RUB 32.2 bn (2Q’21: RUB 19.6 bn), supported mainly by the continued growth of our retail and SME banking businesses. At the same time, fee and commission expense declined by 5% year-on-year in 2Q’22 to RUB 8.7 bn (2Q’21: RUB 9.1 bn) due to lower payment systems costs.

In 2Q’22, net interest margin experienced a single-digit decline in percentage points terms year-on-year, primarily driven by rising funding costs.

Cost of risk increased materially year-on-year in 1H’22 owing to conservative macro-related provisioning, with the relative size of the increase comparable to the increase experienced in 1H’20.

Our non-credit business lines continue to deliver an increasing share of our revenue and bottom line thanks to growth of the customer base, our widened range of product offerings and continued monetisation efforts.

The Gr
oup remains profitable. In 1H’22, net profit decreased substantially year-on-year, implying single digit ROE (return on equity), primarily impacted by growth in funding costs and conservative provisioning.

In 2Q’22, the Group maintained a healthy balance sheet with total assets slightly growing compared to the end of 2021.

In 1H’22, the net loan book decreased by 4% YTD to RUB 584 bn (31 Dec’21: RUB 606 bn). NPL ratio increased by low single digit percentage points compared to the end of 2021.

The Group’s customer accounts increased by 4% YTD to RUB 983 bn (31 Dec’21: RUB 946 bn).

Tinkoff’s total equity grew by 9% compared to the end of 2021. In 1H’22, all statutory capital ratios significantly improved. Group’s Basel III CET1 ratio remained strong, being stable year-on-year.

The Group continues to honor its obligations to bondholders and aims to make the coupon payments under its two outstanding Eurobonds in due course in September subject to regulatory environment. Given current limitations in the operation of the capital markets infrastructure, the Group will not be able to execute a call option for its 9.25% perpetual Eurobond in September 2022. To ensure coupon delivery to all bondholders, settlement to Russian residents will be made in Rubles via local settlement agents.


  • The Group had over 19.7 mn total Tinkoff Black customers as of 1 July 2022.
  • In April, Tinkoff launched an annual scholarship programme for talented students of technical departments at Russian universities with the total scholarship budget of RUB 20 m for 2022.
  • In April, Tinkoff launched the second Support Will Come grant competition with a total budget of RUB 20 million for Russia’s non-profit organisations. 368 applications were submitted, and 21 grant winners were selected in July.
  • In April, Tinkoff Investments launched on-exchange trading of gold and silver.
  • In May, Tinkoff launched Tinkoff Pay, an instant payment service that enables quick, easy, convenient and secure purchases of products and services in online and offline stores without entering card details.
  • In June, Tinkoff Credit Broker, our service for instalment payments and consumer loans, launched Self ID, a technology that facilitates paperless signing of documents. Customers of any bank can now verify their identity by simply taking several photographs of their passport to make purchases online using instalment plans or loans
  • In July, Tinkoff launched universal Tinkoff ID, a service for quick and secure authentication and unified access to any service on the Russian internet. Tinkoff ID enables users to securely, quickly and seamlessly log in to various services across the Russian Internet without entering a login or password.
  • In August, Tinkoff launched Tinkoff Neuro Shield, a security platform for Tinkoff Bank and Tinkoff Mobile customers, providing the highest possible protection on the market against fraud and spam. This is the first time in Russia that security tools from a bank (banking algorithms for protection against social engineering) and a telecoms operator have been integrated into a single platform.

For enquiries:

Tinkoff PR Department

Tinkoff IR Department


This announcement is released by TCS Group Holding plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal Act) 2018 («UK MAR»), and is disclosed in accordance with the Company’s obligations under Article 17 of UK MAR.

Forward-looking statements

Some of the information in this announcement may contain projections or other forward-looking statements regarding future events or the future financial performance of the Group and Tinkoff Bank. You can identify forward looking statements by terms such as «expect», «believe», «anticipate», «estimate», «intend», «will», «could," «may» or «might», the negative of such terms or other similar expressions. The Group and Tinkoff Bank wish to caution you that these statements are only predictions and that actual events or results may differ materially. The Group and Tinkoff Bank do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Group and Tinkoff Bank, including, among others, general economic conditions, the competitive environment, risks associated with operating in Russia, rapid technological and market change in the industries the Group operates in, as well as many other risks specifically related to the Group, Tinkoff Bank and their respective operations.

About TCS Group
TCS Group is an innovative provider of digital financial and lifestyle services. Branchless since its inception in 2006, TCS developed a full range of in-house proprietary technology solutions and services, including digital banki...
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