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Tinkoff Group

Tinkoff Group's net profit rose 28.7% yoy to RUB 7.10 bil in 2Q2019

By Helgi Analytics - October 24, 2019

Tinkoff Group made a net profit of RUB 7.10 bil under revenues of RUB 31.1 bil in the second quarter of 2019, up 28.7% and 45...

Tinkoff Group's corporate loans rose 11.7% yoy to RUB 18.9 bil in 2Q2019

By Helgi Analytics - October 24, 2019

Tinkoff Group's loans reached RUB 347 bil in the second quarter of 2019, up from RUB 296 bil when compared to the previous q...

Tinkoff Group's net interest income rose 49.6% yoy to RUB 21.9 bil in 2Q2019

By Helgi Analytics - October 24, 2019

Tinkoff Group generated total banking revenues of RUB 31.1 bil in the second quarter of 2019, up 45.9% when compared to the same ...

Annual Quarterly
Profit Statement 2016 2017 2018
Net Interest Income RUB bil 34.0 46.1 59.2
Net Fee Income RUB bil 4.89 9.91 16.7
Other Income RUB bil 2.02 2.54 7.26
Total Revenues RUB bil 40.9 58.5 83.1
Staff Cost RUB bil 10.1 15.4 21.1
Operating Profit RUB bil 23.0 32.6 47.0
Provisions RUB bil 8.39 7.61 11.8
Net Profit RUB bil 11.0 19.0 27.1
Balance Sheet 2016 2017 2018
Interbank Loans RUB bil 0.347 0.777 0.776
Customer Loans RUB bil 103 140 298
Debt Securities RUB bil 33.3 71.7 100
Total Assets RUB bil 175 269 375
Shareholders' Equity RUB bil 29.5 41.9 42.0
Interbank Borrowing RUB bil 0.489 0.595 2.71
Customer Deposits RUB bil 125 179 281
Issued Debt Securities RUB bil 14.5 32.8 30.2
Ratios 2016 2017 2018
ROE % 42.0 53.2 64.5
ROA % 6.99 8.56 8.41
Costs (As % Of Assets) % 11.4 11.7 11.2
Costs (As % Of Income) % 43.9 44.3 43.4
Net Interest Margin % 21.6 20.7 18.4
Loans (As % Of Deposits) % 82.6 78.3 106
NPLs (As % Of Loans) % 10.2 8.82 11.1
Provisions (As % Of NPLs) % 142 126 139
Valuation 2016 2017 2018
Market Capitalisation (End Of Period) USD mil 1,888 3,433 2,826
Share Price (End Of Period) RUB 640 1,086 1,081
Price/Earnings (P/E) 11.4 10.7 6.63
Price/Book Value (P/BV) 3.88 4.72 4.67
Earnings Per Share (EPS) RUB 0.062 0.104 0.149
Book Value Per Share RUB 0.165 0.230 0.231

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summary Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                        
Net Interest Income RUB bil ... ...       15.5 26.9 30.8 24.6 34.0    
Total Revenues RUB bil ... ...       15.2 26.9 29.9 28.2 40.9    
Operating Profit RUB bil ... ...       8.77 17.3 20.7 17.3 23.0    
Net Profit RUB bil           3.79 5.75 3.40 1.85 11.0    
balance sheet                        
Interbank Loans RUB bil ... ...       0 0 ... 0.726 0.347    
Customer Loans RUB bil ... ...       47.8 74.0 74.6 82.1 103    
Debt Securities RUB bil ... ...       0 0 6.68 15.9 33.3    
Total Assets RUB bil ... ...       66.0 99.0 109 140 175    
Shareholders' Equity RUB bil           9.06 20.6 21.0 22.9 29.5    
Interbank Borrowing RUB bil ... ...       0.514 0 10.3 6.39 0.489    
Customer Deposits RUB bil ... ...       26.7 43.2 43.4 89.3 125    
Issued Debt Securities RUB bil ... ...       26.9 32.7 30.7 16.5 14.5    
ratios                        
ROE %           59.1 38.9 16.4 8.43 42.0    
ROA % ... ...       7.95 6.98 3.27 1.49 6.99    
Costs (As % Of Assets) % ... ...       13.5 11.7 8.84 8.81 11.4    
Costs (As % Of Income) % ... ...       42.4 35.7 30.7 38.8 43.9    
Net Interest Margin % ... ...       32.6 32.6 29.6 19.8 21.6    
Interest Income (As % Of Revenues) % ... ...       102 99.7 103 87.2 83.1    
Fee Income (As % Of Revenues) % ... ...       -1.51 -1.49 -2.27 9.98 11.9    
Staff Cost (As % Of Total Cost) % ... ...       33.1 49.8 53.0 57.5 56.4    
Equity (As % Of Assets) % ... ...       13.7 20.8 19.3 16.4 16.8    
Loans (As % Of Deposits) % ... ...       179 171 172 91.9 82.6    
Loans (As % Assets) % ... ...       72.4 74.7 68.5 58.8 58.7    
NPLs (As % Of Loans) % ... ...       4.68 7.02 14.5 12.3 10.2    
Provisions (As % Of NPLs) % ... ...       173 161 142 153 142    
valuation                        
Market Capitalisation (End Of Period) USD mil ... ... ... ... ... ... 2,826 574 545 1,888    
Number Of Shares (Average) mil ... ... ... ... ... ... 180 180 179 179    
Share Price (End Of Period) RUB ... ... ... ... ... ... 516 194 222 640    
Earnings Per Share (EPS) RUB ... ... ... ... ... ... 0.032 0.019 0.010 0.062    
Book Value Per Share RUB ... ... ... ... ... ... 0.114 0.116 0.128 0.165    
Price/Earnings (P/E) ... ... ... ... ... ... 15.6 7.90 19.7 11.4    
Price/Book Value (P/BV) ... ... ... ... ... ... 4.52 1.66 1.73 3.88    
Earnings Per Share Growth % ... ... ... ... ... ... ... -40.9 -45.2 494    
Book Value Per Share Growth % ... ... ... ... ... ... ... 2.03 10.3 28.5    
income statement Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
income statement                        
Interest Income RUB bil ... ...       20.4 35.0 39.1 37.6 47.8    
Interest Cost RUB bil ... ...       4.90 8.18 8.26 13.0 13.8    
Net Interest Income RUB bil ... ...       15.5 26.9 30.8 24.6 34.0    
Net Fee Income RUB bil ... ...       -0.230 -0.400 -0.679 2.81 4.89    
Other Income RUB bil ... ...       -0.080 0.482 -0.198 0.793 2.02    
Total Revenues RUB bil ... ...       15.2 26.9 29.9 28.2 40.9    
Staff Cost RUB bil ... ...       2.13 4.79 4.87 6.29 10.1    
Depreciation RUB bil ... ...       0.261 0.385 0.447 0.412 0.515    
Other Cost RUB bil ... ...       4.06 4.45 3.87 4.24 7.33    
Operating Cost RUB bil ... ...       6.45 9.62 9.19 10.9 18.0    
Operating Profit RUB bil ... ...       8.77 17.3 20.7 17.3 23.0    
Provisions RUB bil ... ...       3.86 9.80 15.8 14.7 8.39    
Extra and Other Cost RUB bil ... ...       0 0 0 0 0    
Pre-Tax Profit RUB bil ... ...       4.91 7.52 4.89 2.57 14.6    
Tax RUB bil ... ...       1.12 1.77 1.49 0.715 3.55    
Minorities RUB bil ... ...       0 0 0 0 0    
Net Profit RUB bil           3.79 5.75 3.40 1.85 11.0    
growth rates                        
Net Interest Income Growth % ... ... ...     108 72.9 14.7 -20.1 38.3    
Net Fee Income Growth % ... ... ...     23.8 73.8 69.6 -514 73.7    
Total Revenue Growth % ... ... ...     103 76.9 11.1 -5.74 45.1    
Operating Cost Growth % ... ... ...     76.8 49.1 -4.51 19.1 64.3    
Operating Profit Growth % ... ... ...     76.8 49.1 116 -16.7 33.0    
Pre-Tax Profit Growth % ... ... ...     88.3 53.2 -34.9 -47.6 468    
Net Profit Growth % ...         88.6 51.8 -40.9 -45.6 495    
market share                        
Market Share in Revenues % ... ...       < 0.001 < 0.001 < 0.001 < 0.001 < 0.001   ...
Market Share in Net Profit % ... ...       < 0.001 < 0.001 < 0.001 0.002 0.002   ...
balance sheet Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
balance sheet                        
Cash RUB bil ... ...       14.6 19.8 11.4 14.4 17.4    
Interbank Loans RUB bil ... ...       0 0 ... 0.726 0.347    
Customer Loans RUB bil ... ...       47.8 74.0 74.6 82.1 103    
Retail Loans RUB bil ... ...       47.8 74.0 74.6 82.1 103    
Mortgage Loans RUB bil ... ...       0 0 0 0 0    
Consumer Loans RUB bil ... ...       47.8 74.0 74.6 82.1 103    
Corporate Loans RUB bil ... ...       0 0 0 0 0    
Debt Securities RUB bil ... ...       0 0 6.68 15.9 33.3    
Fixed Assets RUB bil ... ...       0.954 1.14 1.67 3.47 6.48    
Total Assets RUB bil ... ...       66.0 99.0 109 140 175    
Shareholders' Equity RUB bil           9.06 20.6 21.0 22.9 29.5    
Of Which Minority Interest RUB bil ... ... ... ... ... ... ... ... ... ...    
Liabilities RUB bil ... ...       57.0 78.4 87.8 117 146    
Interbank Borrowing RUB bil ... ...       0.514 0 10.3 6.39 0.489    
Customer Deposits RUB bil ... ...       26.7 43.2 43.4 89.3 125    
Retail Deposits RUB bil ... ...       25.8 41.6 41.3 88.5 119    
Corporate Deposits RUB bil ... ...       0.917 1.60 2.07 0.893 5.81    
Issued Debt Securities RUB bil ... ...       26.9 32.7 30.7 16.5 14.5    
Other Liabilities RUB bil ... ...       2.85 2.52 3.47 4.46 6.31    
asset quality                        
Non-Performing Loans RUB bil ... ...       2.45 5.85 13.6 12.5 12.3    
Gross Loans RUB bil ... ...       52.3 83.4 93.9 101 120    
Total Provisions RUB bil ... ...       4.24 9.41 19.3 19.0 17.5    
growth rates                        
Customer Loan Growth % ... ... ...     124 54.8 0.836 10.0 25.4    
Retail Loan Growth % ... ... ...     124 54.8 0.836 10.0 25.4    
Consumer Loan Growth % ... ... ...     124 54.8 0.836 10.0 25.4    
Total Asset Growth % ... ... ...     125 50.0 9.91 28.3 25.6    
Shareholders' Equity Growth % ...         141 127 2.03 9.43 28.6    
Customer Deposit Growth % ... ... ...     130 62.0 0.370 106 39.4    
Retail Deposit Growth % ... ... ...     126 61.6 -0.765 114 34.3    
Corporate Deposit Growth % ... ... ...     315 74.0 29.9 -57.0 551    
market share                        
Market Share in Customer Loans % ... ...       0.160 0.208 0.164 0.167 0.220    
Market Share in Corporate Loans % ... ... ...     0 0 0 0 0   ...
Market Share in Retail Loans % ... ...       0.835 1.01 0.956 1.22 1.63   ...
Market Share in Consumer Loans % ... ...       0.619 0.743 0.658 0.768 0.953   ...
Market Share in Mortgage Loans % ... ...       0 0 0 0 0   ...
Market Share in Total Assets % ... ...       0.142 0.183 0.149 0.181 0.237    
Market Share in Customer Deposits % ... ...       0.130 0.181 0.138 0.239 0.354    
Market Share in Retail Deposits % ... ...       0.181 0.245 0.223 0.381 0.491   ...
Market Share in Corporate Deposits % ... ...       0.010 0.015 0.012 0.005 0.035   ...
ratios Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ratios                        
ROE %           59.1 38.9 16.4 8.43 42.0    
ROA % ... ...       7.95 6.98 3.27 1.49 6.99    
Costs (As % Of Assets) % ... ...       13.5 11.7 8.84 8.81 11.4    
Costs (As % Of Income) % ... ...       42.4 35.7 30.7 38.8 43.9    
Net Interest Margin % ... ...       32.6 32.6 29.6 19.8 21.6    
Interest Spread % ... ... ...     31.0 30.4 27.7 17.6 19.9    
Asset Yield % ... ...       42.8 42.5 37.6 30.2 30.4    
Cost Of Liabilities % ... ... ...     11.9 12.1 9.94 12.7 10.5    
Interest Income (As % Of Revenues) % ... ...       102 99.7 103 87.2 83.1    
Fee Income (As % Of Revenues) % ... ...       -1.51 -1.49 -2.27 9.98 11.9    
Other Income (As % Of Revenues) % ... ...       -0.526 1.79 -0.663 2.81 4.93    
Staff Cost (As % Of Total Cost) % ... ...       33.1 49.8 53.0 57.5 56.4    
Equity (As % Of Assets) % ... ...       13.7 20.8 19.3 16.4 16.8    
Loans (As % Of Deposits) % ... ...       179 171 172 91.9 82.6    
Loans (As % Assets) % ... ...       72.4 74.7 68.5 58.8 58.7    
NPLs (As % Of Loans) % ... ...       4.68 7.02 14.5 12.3 10.2    
Provisions (As % Of NPLs) % ... ...       173 161 142 153 142    
Provisions (As % Of Loans) % ... ...       8.87 12.7 25.9 23.2 17.0    
Cost of Provisions (As % Of Loans) % ... ...       11.2 16.1 21.3 18.8 9.07    

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Tinkoff Group's net interest margin fell 3.38% yoy to 20.0% in 2Q2019

By Helgi Analytics - October 24, 2019

Tinkoff Group's net interest margin amounted to 20.0% in the second quarter of 2019, up from 18.2% when compared to the previous quarter. Historically, the bank’s net interest margin reached an all time high of 22.6% in 4Q2016 and an all time low of 17....

Tinkoff Group's capital adequacy ratio fell 32.1% yoy to 11.2% in 2Q2019

By Helgi Analytics - October 24, 2019

Tinkoff Group's capital adequacy ratio reached 11.2% at the end of second quarter of 2019, up from when compared to the previous quarter. Historically, the bank’s capital ratio hit an all time high of 16.4% in 2Q2018 and an all time low of 11.2% in 2Q2019. T...

Tinkoff Group's customer loan growth rose 131% yoy to 82.2% in 2Q2019

By Helgi Analytics - October 24, 2019

Tinkoff Group's customer loan growth reached 82.2% in 2019-06-30, up from 35.5% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 82.2% in 2019-06-30 and an all time low of 26.2% in 2017-03-31. In the last de...

Tinkoff Group's equity (as % of assets) fell 10.8% yoy to 14.8% in 2Q2019

By Helgi Analytics - October 24, 2019

Tinkoff Group's Equity reached 22.8% of total assets in the 2Q2019, up from 19.5% for the previous year. As a share of net customer loans, the ratio amounted to 29.6% at the end of the second quarter of 2019. ...

Tinkoff Group's customer loans rose 113% to RUB 298 bil in 2018

By Helgi Analytics - October 19, 2019

Tinkoff Group's customer loans reached RUB 298 bil in 2018, up 113% compared to the previous year. Russian banking sector provided customer loans of RUB 56,000 bil in 2018, up 15.4% when compared to the last year. Tinkoff Group accounted for 0.533% of all...

Tinkoff Group's customer deposits rose 56.9% to RUB 281 bil in 2018

By Helgi Analytics - October 19, 2019

Tinkoff Group's customer deposits reached RUB 281 bil 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 0.669%...

Tinkoff Group's price/earnings (P/E) fell 37.9% to 6.63 in 2018

By Helgi Analytics - October 19, 2019

Tinkoff Group stock traded at RUB 1,081 per share at the end 2018 implying a market capitalization of USD 2,826 mil. Since the end of 2013, the stock has appreciated by 109 % implying an annual average growth of 15.9 %. In absolute terms, the value of the company ...

Tinkoff Group's net interest margin fell 11.4% to 18.4% in 2018

By Helgi Analytics - July 4, 2019

Tinkoff Group's net interest margin amounted to 18.4% in 2018, down from 20.7% compared to the previous year. Historically, the bank’s net interest margin reached an all time high of 35.7% in 2011 and an all time low of 18.4% in 2018. The average margin...

Tinkoff Group's net interest income rose 28.5% to RUB 59.2 bil in 2018

By Helgi Analytics - August 20, 2019

Tinkoff Group generated total banking revenues of RUB 83.1 bil in 2018, up 42.1% compared to the previous year. Historically, the bank’s revenues containing of interest, fee and other non-interest income reached an all time high of RUB 83.1 bil in 2018 and an a...

Tinkoff Group's net profit rose 42.4% to RUB 27.1 bil in 2018

By Helgi Analytics - August 20, 2019

Tinkoff Group made a net profit of RUB 27.1 bil under revenues of RUB 83.1 bil in 2018, up 42.4% and 42.1% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of RUB 27.1 bil in 2018 and an all time low of RUB 0.27...

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Finance

Tinkoff Group has been growing its revenues and asset by 0% and 0% a year on average in the last 10 years. Its loans and deposits have grown by 0% and 0% a year during that time and loans to deposits ratio reached 106% at the end of 2018. The company achieved an average return on equity of 38.5% in the last decade with net profit growing nan% a year on average. In terms of operating efficiency, its cost to income ratio reached 43.4% in 2018, compared to 42.5% average in the last decade.

Equity represented 11.2% of total assets or 14.1% of loans at the end of 2018. Tinkoff Group's non-performing loans were 11.1% of total loans while provisions covered some 139% of NPLs at the end of 2018.

Valuation

Tinkoff Group stock traded at RUB 1,081 per share at the end of 2018 resulting in a market capitalization of USD 2,826 mil. Over the previous five years, stock price rose by 109% or 15.9% a year on average. That’s compared to an average ROE of 36.9% the bank generated for its shareholders. This closing price put stock at a 12-month trailing price to earnings (PE) of 6.63x and price to book value (PBV) of 4.67x in 2018.

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