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Tinkoff Group

Tinkoff Group's net profit rose 12.1% yoy to RUB 12,332 mil in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group made a net profit of RUB 12,332 mil under revenues of RUB 46,554 mil in the fourth quarter of 2020, up 12.1% and ...

Tinkoff Group's net profit rose 12.1% yoy to RUB 12,332 mil in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group made a net profit of RUB 12,332 mil in the fourth quarter of 2020, up 12.1% when compared to the same period of las...

Tinkoff Group's customer deposits rose 50.0% yoy to RUB 233,543 mil in 3Q2018

By Helgi Analytics - March 24, 2021

Tinkoff Group's customer deposits reached RUB 233,543 mil in 2018-09-30, up 12.5% compared to the previous year. Russian bankin...

Annual Quarterly
Profit Statement 2018 2019 2020
Net Interest Income RUB mil 59,992 87,926 104,702
Net Fee Income RUB mil 15,653 20,735 26,010
Other Income RUB mil 18,869 24,439 44,686
Total Revenues RUB mil 94,514 133,100 175,398
Staff Cost RUB mil 21,111 25,120 31,024
Operating Profit RUB mil 58,793 87,071 117,189
Provisions RUB mil 11,799 26,412 39,341
Net Profit RUB mil 27,088 36,122 44,209
Balance Sheet 2018 2019 2020
Interbank Loans RUB mil 1,958 2,084 1,916
Customer Loans RUB mil 198,489 329,175 376,521
Investments RUB mil 100,140 135,178 238,454
Total Assets RUB mil 375,499 580,025 859,294
Shareholders' Equity RUB mil 42,250 96,082 127,016
Interbank Borrowing RUB mil 2,708 23.0 4,819
Customer Deposits RUB mil 280,916 411,614 626,837
Issued Debt Securities RUB mil 30,249 46,259 46,005
Ratios 2018 2019 2020
ROE % 64.3 52.2 39.6
ROA % 8.41 7.56 6.14
Costs (As % Of Assets) % 11.1 9.63 8.09
Costs (As % Of Income) % 37.8 34.6 33.2
Capital Adequacy Ratio % 14.9 18.9 17.9
Net Interest Margin % 18.6 18.4 14.5
Loans (As % Of Deposits) % 70.7 80.0 60.1
NPLs (As % Of Loans) % 9.44 9.08 10.3
Provisions (As % Of NPLs) % 164 157 153
Valuation 2018 2019 2020
Market Capitalisation USD mil 2,826 4,024 7,568
Number Of Shares mil 182 190 198
Share Price RUB 1,081 1,311 2,366
Price/Earnings (P/E) 7.25 6.90 10.6
Price/Book Value (P/BV) 4.65 2.59 3.69
Dividend Yield % 6.25 2.36 2.48
Earnings Per Share (EPS) RUB 149 190 223
Book Value Per Share RUB 233 506 641
Dividend Per Share RUB 67.6 31.0 58.7

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                            
Net Interest Income RUB mil               30,798 28,067 33,556 46,076 59,992    
Total Revenues RUB mil               30,912 30,635 43,974 64,168 94,514    
Operating Profit RUB mil               21,725 19,435 25,992 38,243 58,793    
Net Profit RUB mil               3,401 1,850 11,011 19,019 27,088    
balance sheet                            
Interbank Loans RUB mil ... ... ... ...   ... ... 5,366 3,070 347 1,575 1,958    
Customer Loans RUB mil               74,580 82,067 102,912 140,245 198,489    
Investments RUB mil     ... ... ... ... ... 217 15,936 33,286 71,676 100,140    
Total Assets RUB mil               108,806 139,652 175,371 268,828 375,499    
                               
Shareholders' Equity RUB mil               20,969 22,947 29,518 41,945 42,250    
Interbank Borrowing RUB mil ... ...           10,331 6,392 489 595 2,708    
Customer Deposits RUB mil               43,366 89,343 124,556 179,045 280,916    
Issued Debt Securities RUB mil               30,666 16,514 14,500 32,820 30,249    
ratios                            
ROE % ...             16.3 8.43 42.0 53.2 64.3    
ROA % ...             3.27 1.49 6.99 8.56 8.41    
Costs (As % Of Assets) % ...             8.82 9.02 11.4 11.7 11.1    
Costs (As % Of Income) %               29.7 36.6 40.9 40.4 37.8    
Capital Adequacy Ratio % ... ... ...   ...     21.8 18.3 16.3 21.1 14.9    
Net Interest Margin % ...             29.6 22.6 21.3 20.7 18.6    
Interest Income (As % Of Revenues) %               99.6 91.6 76.3 71.8 63.5    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...   -2.20 -1.93 12.2 15.4 16.6    
Staff Cost (As % Of Total Cost) % ... ...           53.0 56.1 45.7 48.8 59.1    
Equity (As % Of Assets) %               19.3 16.4 16.8 15.6 11.3    
Loans (As % Of Deposits) %               172 91.9 82.6 78.3 70.7    
Loans (As % Assets) %               68.5 58.8 58.7 52.2 52.9    
NPLs (As % Of Loans) % ... ... ...         14.5 12.4 10.2 8.82 9.44    
Provisions (As % Of NPLs) % ... ... ...         142 152 142 126 164    
valuation                            
Market Capitalisation USD mil ... ... ... ... ... ...   574 545 1,888 3,434 2,826    
Number Of Shares mil ... ... ... ... ... ...   180 179 179 182 182    
Share Price RUB ... ... ... ... ... ...   194 222 640 1,086 1,081    
Earnings Per Share (EPS) RUB ... ... ... ... ... ...   18.9 10.4 61.5 104 149    
Book Value Per Share RUB ... ... ... ... ... ...   116 128 165 230 233    
Dividend Per Share RUB ... ... ... ... ... ...   15.9 0 25.2 23.9 67.6    
Price/Earnings (P/E) ... ... ... ... ... ...   10.3 21.5 10.4 10.4 7.25    
Price/Book Value (P/BV) ... ... ... ... ... ...   1.66 1.73 3.88 4.72 4.65    
Dividend Yield % ... ... ... ... ... ...   8.22 0 3.94 2.20 6.25    
Earnings Per Share Growth % ... ... ... ... ... ... ... -40.9 -45.2 494 69.7 42.8    
Book Value Per Share Growth % ... ... ... ... ... ... ... 1.52 10.3 28.5 39.6 1.01    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
income statement                            
Interest Income RUB mil               39,062 40,773 47,644 59,541 76,725    
Interest Cost RUB mil               8,264 12,707 14,088 13,465 16,733    
Net Interest Income RUB mil               30,798 28,067 33,556 46,076 59,992    
Net Fee Income RUB mil ... ... ... ... ... ...   -679 -590 5,359 9,913 15,653    
Fee Income RUB mil ... ... ... ... ... ...   312 1,371 8,401 15,531 27,423    
Fee Expense RUB mil               991 1,961 3,042 5,618 11,770    
Other Income RUB mil ... ... ... ... ... ...   793 3,159 5,059 8,179 18,869    
Total Revenues RUB mil               30,912 30,635 43,974 64,168 94,514    
Staff Cost RUB mil ... ...           4,867 6,289 8,211 12,640 21,111    
Depreciation RUB mil ... ...           258 229 252 420 823    
Other Cost RUB mil ... ...           4,062 4,683 9,519 12,865 13,787    
Operating Cost RUB mil               9,187 11,201 17,982 25,925 35,721    
Operating Profit RUB mil               21,725 19,435 25,992 38,243 58,793    
Provisions RUB mil               15,839 14,908 8,386 7,640 11,799    
Extra and Other Cost RUB mil               991 1,961 3,042 5,618 11,770    
Pre-Tax Profit RUB mil               4,895 2,565 14,564 24,985 35,224    
Tax RUB mil               1,494 715 3,553 5,962 8,102    
Minorities RUB mil     ...         0 0 0 4.00 34.0    
Net Profit RUB mil               3,401 1,850 11,011 19,019 27,088    
Net Profit Avail. to Common RUB mil               3,401 1,850 11,011 19,019 27,088    
Dividends RUB mil ... ... ...         2,867 0 4,506 4,356 12,276    
growth rates                            
Net Interest Income Growth % ...             14.6 -8.87 19.6 37.3 30.2    
Net Fee Income Growth % ... ... ... ... ... ... ... 69.5 -13.1 -1,009 85.0 57.9    
Total Revenue Growth % ...             12.7 -0.895 43.5 45.9 47.3    
Operating Cost Growth % ...             -4.56 21.9 60.5 44.2 37.8    
Operating Profit Growth % ...             22.0 -10.5 33.7 47.1 53.7    
Pre-Tax Profit Growth % ...             -34.9 -47.6 468 71.6 41.0    
Net Profit Growth % ...             -40.9 -45.6 495 72.7 42.4    
market share                            
Market Share in Revenues %               0.514 0.458 0.335 0.589 ... ... ...
Market Share in Net Profit % ... ...           0.699 2.18 1.68 3.78 ... ... ...
Market Share in Bank Cards % ... ... ... ... ... ... ... ... ... 1.36 1.87 ... ... ...
Market Share in Debit Cards % ... ... ... ... ... ... ... ... ... 0.448 0.731 ... ... ...
Market Share in Credit Cards % ... ... ... ... ... ... ... ... ... 8.17 10.5 ... ... ...
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
balance sheet                            
Cash & Cash Equivalents RUB mil               11,385 14,364 17,415 25,525 36,237    
Interbank Loans RUB mil ... ... ... ...   ... ... 5,366 3,070 347 1,575 1,958    
Customer Loans RUB mil               74,580 82,067 102,912 140,245 198,489    
Retail Loans RUB mil ... ... ...         93,907 101,081 120,435 157,781 234,347    
Corporate Loans RUB mil ... ... ... ... ... ... ... ... ... ... ... 363    
Investments RUB mil     ... ... ... ... ... 217 15,936 33,286 71,676 100,140    
Property and Equipment RUB mil               541 2,052 4,656 6,140 8,369    
Intangible Assets RUB mil               1,125 1,419 1,820 3,056 4,223    
Goodwill RUB mil ... ...           0 0 0 0 0    
Total Assets RUB mil               108,806 139,652 175,371 268,828 375,499    
                               
Shareholders' Equity RUB mil               20,969 22,947 29,518 41,945 42,250    
Of Which Minority Interest RUB mil ... ...           0 0 0 202 236    
Liabilities RUB mil               87,837 116,706 145,853 226,883 333,249    
Interbank Borrowing RUB mil ... ...           10,331 6,392 489 595 2,708    
Customer Deposits RUB mil               43,366 89,343 124,556 179,045 280,916    
Sight Deposits RUB mil ... ...           11,253 25,023 52,170 100,556 179,891    
Term Deposits RUB mil ... ...           32,114 64,319 72,386 78,489 101,025    
Issued Debt Securities RUB mil               30,666 16,514 14,500 32,820 30,249    
Subordinated Debt RUB mil ... ... ...         11,251 14,609 ... ... ... ... ...
Other Liabilities RUB mil ... ...           3,474 4,457 6,308 14,423 19,376    
asset quality                            
Non-Performing Loans RUB mil ... ... ...         13,589 12,484 12,336 13,918 22,151    
Gross Loans RUB mil     ...         93,907 101,081 120,435 157,781 234,710    
Risk-Weighted Assets RUB mil ... ... ...   ...     124,515 153,984 187,130 265,621 393,319    
Total Provisions RUB mil     ...         19,327 19,014 17,523 17,536 36,221    
growth rates                            
Customer Loan Growth % ...             0.330 10.0 25.4 36.3 41.5    
Retail Loan Growth % ... ... ... ...       12.1 7.64 19.1 31.0 48.5    
Corporate Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ...    
Total Asset Growth % ...             9.36 28.3 25.6 53.3 39.7    
Shareholders' Equity Growth % ...             1.52 9.43 28.6 42.1 0.727    
Customer Deposit Growth % ...             -0.134 106 39.4 43.7 56.9    
market share                            
Market Share in Customer Loans %               0.164 0.167 0.220 0.289 0.354 ... ...
Market Share in Consumer Loans % ... ... ...         0.829 0.946 1.11 1.30 ... ... ...
Market Share in Total Assets %               0.149 0.181 0.237 0.345 0.447 ... ...
Market Share in Customer Deposits %               0.138 0.239 0.354 0.478 0.669 ... ...
ratios Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                             
ROE % ...             16.3 8.43 42.0 53.2 64.3    
ROTE % ...             17.0 8.94 44.7 57.1 70.4    
ROE (@ 15% of RWA) % ... ... ... ... ... ...   21.9 8.86 43.0 56.0 54.8    
ROA % ...             3.27 1.49 6.99 8.56 8.41    
Return on Loans % ...             4.57 2.36 11.9 15.6 16.0    
Operating Profit (As % of RWA) % ... ... ... ... ... ...   21.0 14.0 15.2 16.9 17.8    
Costs (As % Of Assets) % ...             8.82 9.02 11.4 11.7 11.1    
Costs (As % Of Income) %               29.7 36.6 40.9 40.4 37.8    
Costs (As % Of Loans) % ...             12.3 14.3 19.4 21.3 21.1    
Costs (As % Of Loans & Deposits) % ...             7.80 7.74 9.02 9.48 8.94    
Capital Adequacy Ratio % ... ... ...   ...     21.8 18.3 16.3 21.1 14.9    
Tier 1 Ratio % ... ... ...   ...     15.9 14.0 14.8 21.0 14.9    
Net Interest Margin % ...             29.6 22.6 21.3 20.7 18.6    
Interest Spread % ...             27.6 20.4 19.5 19.6 17.8    
Asset Yield % ...             37.5 32.8 30.2 26.8 23.8    
Revenues (As % of RWA) % ... ... ... ... ... ...   29.9 22.0 25.8 28.3 28.7    
Cost Of Liabilities % ...             9.92 12.4 10.7 7.22 5.97    
Payout Ratio % ... ... ...         84.3 0 40.9 22.9 45.3    
Interest Income (As % Of Revenues) %               99.6 91.6 76.3 71.8 63.5    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...   -2.20 -1.93 12.2 15.4 16.6    
Other Income (As % Of Revenues) % ... ... ... ... ... ...   2.56 10.3 11.5 12.7 20.0    
Staff Cost (As % Of Total Cost) % ... ...           53.0 56.1 45.7 48.8 59.1    
Equity (As % Of Assets) %               19.3 16.4 16.8 15.6 11.3    
Equity (As % Of Loans) %               28.1 28.0 28.7 29.9 21.3    
Loans (As % Of Deposits) %               172 91.9 82.6 78.3 70.7    
Loans (As % Assets) %               68.5 58.8 58.7 52.2 52.9    
NPLs (As % Of Loans) % ... ... ...         14.5 12.4 10.2 8.82 9.44    
Provisions (As % Of NPLs) % ... ... ...         142 152 142 126 164    
Provisions (As % Of Loans) %     ...         25.9 23.2 17.0 12.5 18.2    
Cost of Provisions (As % Of Loans) % ...             21.3 19.0 9.07 6.28 6.97    
other data Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                             
Employees ... ... ... ... ... ... ... ... ... 15,391 15,391 21,577    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... 666 1,157 1,283    
Cost Per Employee (Local Currency) RUB per month ... ... ... ... ... ... ... ... ... 44,458 68,438 81,534    
customer breakdown Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
                             
Customers mil ... ... ... ... ... ... ... ... ... 3.41 5.13 7.24    
Number of Primary Customers mil ... ... ... ... ... ... ... ... ... 1.98 2.99 5.15    
Payment Cards mil ... ... ... ... ... ... ... ... ... 3.47 5.07 6.86    
Debit Cards mil ... ... ... ... ... ... ... ... ... 1.01 1.75 2.94    
Credit Cards mil ... ... ... ... ... ... ... ... ... 2.46 3.32 3.92    
Number of Consumer Loans mil ... ... ... ... ... ... ... ... ... 2.55 3.55 4.62    
Primary (As % of Total Clients) % ... ... ... ... ... ... ... ... ... 58.1 58.3 71.2    
Consumer Loans (As % of Total Clients) % ... ... ... ... ... ... ... ... ... 74.8 69.3 63.9    
Payments Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... 102 98.9 94.7    
Debit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... 29.5 34.1 40.6    
Credit Cards (As % of Total Clients) % ... ... ... ... ... ... ... ... ... 72.3 64.8 54.1    
                               
Market Value per Customer (Local Currency) RUB ... ... ... ... ... ... ... ... ... 33,591 38,583 27,121    
Revenue per Customer (Local Currency) RUB ... ... ... ... ... ... ... ... ... 12,901 12,518 13,056    
Net Profit per Customer (Local Currency) RUB ... ... ... ... ... ... ... ... ... 3,230 3,710 3,742    
Loan per Customer (Local Currency) RUB ... ... ... ... ... ... ... ... ... 30,192 27,359 27,419    
Deposit per Customer (Local Currency) RUB ... ... ... ... ... ... ... ... ... 36,541 34,928 38,805    
Market Value per Customer USD ... ... ... ... ... ... ... ... ... 554 670 390    
Revenue per Customer USD ... ... ... ... ... ... ... ... ... 193 212 205    
Net Profit per Customer USD ... ... ... ... ... ... ... ... ... 48.4 62.7 58.9    
Loan per Customer USD ... ... ... ... ... ... ... ... ... 498 475 395    
Deposit per Customer USD ... ... ... ... ... ... ... ... ... 602 606 559    

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Tinkoff Group's customer loans rose 25.8% yoy to RUB 168,670 mil in 3Q2018

By Helgi Analytics - March 24, 2021

Tinkoff Group's customer loans reached RUB 168,670 mil in 2018-09-30, up 10.8% compared to the previous year. Russian banking sector provided customer loans of RUB 54,055 bil in 2018-09-30, up 5.04% when compared to the last year. Tinkoff Group accounted ...

Tinkoff Group's retail loans rose 33.9% yoy to RUB 205,436 mil in 3Q2018

By Helgi Analytics - March 24, 2021

Tinkoff Group's retail loans reached RUB 205,436 mil in the third quarter of 2018, up 8.42% compared to the previous year. Russian banking sector provided retail loans of RUB 14,482 bil in 3Q2018, up 6.39% when compared to the last year. Tinkoff Group acc...

Tinkoff Group's net interest margin fell 18.5% yoy to 14.4% in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group's net interest margin amounted to 14.4% in the fourth quarter of 2020, up from 14.0% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 57.3% in 2Q2009 and an all time low of 14....

Tinkoff Group's net interest income rose 18.7% yoy to RUB 28,500 mil in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group generated total banking revenues of RUB 46,554 mil in the fourth quarter of 2020, up 28.1% when compared to the same period of last year and 9.44% when compared to the previous quarter. Historically, the bank’s revenues containing of interest, ...

Tinkoff Group's npls (as % of loans) rose 13.7% yoy to 10.3% in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group's non-performing loans reached 10.3% of total loans at the end of 2020-12-31, up from 9.08% compared to the previous year. Historically, the NPL ratio hit an all time high of 14.3% in 2015-06-30 and an all time low of 2.40% in 2009-06-30. Prov...

Tinkoff Group's capital adequacy ratio fell 5.35% yoy to 17.9% in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group's capital adequacy ratio reached 17.9% at the end of fourth quarter of 2020, down from 19.7% when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 25.1% in 2Q2017 and an all time low of 14.0% in 1Q2019. ...

Tinkoff Group's corporate loans remain unchanged yoy at RUB mil in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group's loans reached in the first quarter of 1970, down from when compared to the previous quarter and down from when compared to the same period of last year. Historically, the bank’s loans reached an all time high of RUB mil in 1Q...

Tinkoff Group's equity (as % of assets) fell 10.8% yoy to 14.8% in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group's Equity reached 14.8% of total assets in the 4Q2020, down from 16.6% for the previous year. As a share of net customer loans, the ratio amounted to 33.7% at the end of the fourth quarter of 2020. ...

Tinkoff Group's customer loan growth fell 78.2% yoy to 14.4% in 4Q2020

By Helgi Analytics - March 24, 2021

Tinkoff Group's customer loan growth reached 14.4% in 2020-12-31, down from 65.8% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 167% in 2009-03-31 and an all time low of -3.81% in 2015-03-31. In the last ...

Tinkoff Group's customer deposits rose 56.9% yoy to PLN 280,916 mil in 2018

By Helgi Analytics - March 24, 2021

Tinkoff Group's customer deposits reached PLN 280,916 mil in 2018, up 56.9% compared to the previous year. Russian banking sector accepted customer deposits of RUB 42,000 bil in 2018, up 12.1% when compared to the last year. Tinkoff Group accounted for 0....

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Finance

Tinkoff Group has been growing its revenues and asset by 110% and 115% a year on average in the last 10 years. Its loans and deposits have grown by 103% and 127% a year during that time and loans to deposits ratio reached 60.1% at the end of 2020. The company achieved an average return on equity of 48.2% in the last decade with net profit growing 131% a year on average. In terms of operating efficiency, its cost to income ratio reached 33.2% in 2020, compared to 37.7% average in the last decade.

Equity represented 14.8% of total assets or 33.7% of loans at the end of 2020. Tinkoff Group's non-performing loans were 10.3% of total loans while provisions covered some 153% of NPLs at the end of 2020.

Valuation

Tinkoff Group stock traded at per share at the end of 2020 resulting in a market capitalization of . Over the previous three years, stock price rose by 0% or 0% a year on average. That’s compared to an average ROE of 52.1% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 10.6x and price to book value (PBV) of 3.69x in 2020.

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