March 12, 2019 / 8:02 AM / in 10 days

Russian lender TCS reports record high net profit in 2018

MOSCOW, March 12 (Reuters) - Russian consumer lender TCS Group on Tuesday reported a record-high net profit for 2018 thanks to rapid growth in fee and commission income, and approved an interim dividend payout.

TCS, the parent company of Tinkoff Bank, said its net income rose 27 percent to 8.1 billion roubles ($123.23 million) in the fourth quarter, up from 6.4 billion roubles in the same period a year earlier.

In the whole of 2018, TCS’s net income rose 43 percent to a record high of 27.1 billion roubles.

TCS Group’s strong year and quarter stood out from Russia’s wider banking sector, which has been shaken by the withdrawal of dozens of banking licences.

“These strong results were driven by both credit and F&C (fee and commission) business lines, as we continued to expand our financial and lifestyle ecosystem which now serves well over 8 million customers,” said Tinkoff Bank CEO Oliver Hughes.

TCS Group’s fee and commission income increased by 77 percent to 27.4 billion roubles in 2018.

TCS also said its board of directors had approved a first interim gross cash dividend for 2019 of $0.32 per share or GDR, with each GDR representing one share. A total dividend payment would amount to $58.4 million, the lender said. ($1 = 65.7300 roubles) (Reporting by Andrey Ostroukh, editing by Louise Heavens)

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