TCS Bank 2013 IFRS net profits soar 48.5% to $181 mln
MOSCOW. March 3 (Interfax) - TCS Bank made $181 million in net profits to International Financial Reporting Standards (IFRS) last year, 48.5% more than the $121.9 million it made in 2012, the lending organization said.
Analysts surveyed by Interfax predicted the bank would wind up 2013 with net profits of $176.9 million.
The bank's net interest income in 2013 amounted to $843 million versus $500 million in 2012. The analysts expected $847.2 million. The net interest margin was 36% (37% in 2012).
The cost of risk increased to 14% from 10.5% over the year. The bank said that it intends to maintain that level going forward.
TCS Bank's assets grew 39% to $3 billion last year from $2.2 billion at end-2012. Its credit portfolio expanded 49% from $1.7 billion to $2.5 billion. Non-performing loans grew to 7% from 4.7% at the beginning of the year.
Total funds in client accounts increased 50% to $1.3 billion.
TCS Bank equity grew 111% over the year to $628 million.
TCS Group Holding PLC includes TCS Bank and the insurance company Tinkoff Online Insurance.
The bank ended last year in 57th place by assets, 44th by private individuals' funds, and 20th by consumer lending portfolio on the Interfax-100 ranking of Russian banks.
