8.6 C
New York
Sunday, January 16, 2022
Home Challanger banks Tinkoff reports strong results in 3Q'20 and announces 2020 interim dividend

Tinkoff reports strong results in 3Q’20 and announces 2020 interim dividend

TCS Group Holding PLC reports the net income rose by 30% year-on-year to RUB 12.6 bn in 3Q’20.

The digital bank has also exceeded 12 million customers and became Russia’s third-largest bank by the number of active customers. Also robust year-on-year growth in fee & commission income; non-credit revenues reached a record 41% of the total.

Read also: HSBC is set to launch rival product to TransferWise

Oliver Hughes, CEO of Tinkoff Group, commented: “The third quarter of this year was a strong one for us, despite the continuing uncertainty caused by the global COVID-19 pandemic. Net income rose 30% year-on-year to RUB 12.6 billion in 3Q’20, underpinned by unrelenting customer acquisition and a particularly strong performance by our fee businesses, which accounted for a record 41% of revenues. In the third quarter, our ROE increased versus the previous period and stood at a robust 45.0%, as we retained our focus on profitability.”

“Our resilient, highly scalable business model and adaptability to our customers’ changing needs meant that we continued expanding by leaps and bounds. We reached an important milestone in the third quarter when we welcomed our 12 millionth customer, keeping us on track to reach our goal of 20 million customers by 2023. In addition, according to recent research published by Deloitte, Tinkoff has become Russia’s most preferred non-state bank,” Hughes added.

Tinkoff Investments continues the impressive growth. Assets under custody have grown sixfold year on year, as the platform’s number of customer grew to over 2.4 million, solidifying Tinkoff’s status as the largest retail brokerage on Moscow Exchange by number of active clients.

Meanwhile, Tinkoff Business is continuing to show robust growth, with SME client’s current account balances up over 50% year on year.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Revolut is launching as a bank in 10 more European countries

This means the London-based digital bank is now offering deposit protection of up to € 100,000 to local customers in the particular markets.

Starling has stopped advertising on Facebook and Instagram

The CEO Anne Boden says the company won’t advertise on Facebook or Instagram ‘alongside scammers who are going after the savings of our customers.

Commodities trading now enabled by Revolut for Singapore users

The Monetary Authority of Singapore (MAS) has given permission to Revolut to allow customers to trade gold and silver on its platform.

Tencent takes stake in Monzo Bank

The tech giant from China Tencent has taken a minor stake in Monzo Bank after joining Monzo's latest funding round.