Russia's TCS credit company says Q3 net profit up 22 pct
MOSCOW Dec 9 (Reuters) - Russian consumer credit firm TCS said third quarter net profit rose 22 percent, year-on-year, driven by growth in net interest income as its credit card lending rose.
TCS, owner of Tinkoff Credit Systems, went public in London in October, raising over $1 billion and pricing its IPO at the top of a target range at $17.50 as investors bet on its ability to capitalise on households' growing appetite for debt.
The bank on Monday said third-quarter net profit rose to $47 million from $39 million the same period a year earlier while its net interest income grew 59 percent to $217 million.
A Reuters survey of four analysts had forecast that profits would grow 21 percent to $47.1 million.