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    TCS   US87238U2033

TCS GROUP HOLDING PLC

(TCS)
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TCS : Tinkoff Investor Presentation November 2020

12/02/2020 | 08:09am EDT

November 2020

INVESTOR PRESENTATION

0

Disclaimer

Certain statements and/or other information included in this document may not be historical facts and may constitute "forward looking statements" within the meaning of Section 27A of the U.S. Securities Act and

Section 2(1)(e) of the U.S. Securities Exchange Act of 1934, as amended. The words "believe", "expect", "anticipate", "intend", "estimate", "plans", "forecast", "project", "will", "may", "should" and similar expressions

may identify forward looking statements but are not the exclusive means of identifying such statements.

Forward looking statements include statements concerning our plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues, operations or performance, capital expenditures, financing needs, our plans or intentions relating to the expansion or contraction of our business as well as specific acquisitions and dispositions, our competitive strengths and weaknesses, our plans or goals relating to forecasted production, reserves, financial position and future operations and development, our business strategy and the trends we anticipate in the industry and the political, economic, social and legal environment in which we operate, and other information that is not historical information, together with the assumptions

underlying these forward looking statements. By their very nature, forward looking statements involve inherent risks, uncertainties and other important factors that could cause our actual results, performance or achievements to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the political, economic, social and legal environment in which we will operate in the future. We do not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements

represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. We expressly disclaim any obligation or undertaking to update any forward-looking statements to reflect actual results, changes in assumptions or in any other factors affecting such statements.

1

A digital financial & lifestyle ecosystem built around customer needs

3

5

How Tinkoff Black drives cross-sell

TINKOFF BLACK IS A MAJOR SALE CHANNEL FOR OTHER PRODUCTS

80% 32% 32% 31% 30% 8% 9%

Investments All Airlines Cash loans Insurance SME Co-brands Platinum

TINKOFF BLACK IS USED BY OUR CREDIT CUSTOMERS

  • 96% Cash loans

  • 47% All Airlines

  • 38% Insurance

  • 9%Platinum

  • 8%Co-brands

We also see positive cross-sell dynamics among other products

6

Lifestyle journey in your banking app

Superb UX

Restaurants 25%

Tinkoff Junior

Stories

Drives customers'

loyalty and stickiness

  • 20.6 installs

  • 2.4m DAU

  • 7.6m MAU

  • 150m sessions per month

  • 1.5min session length

7

8

9

All currency data are in RUB bn unless otherwise stated

SHAREHOLDER STRUCTURE

Management

Tinkov Family TrustFree float

Awards

Best Digital Bank

in Central and Eastern Europe, 2016

GROUP'S KEY FINANCIALS (IFRS)

Income statement

Interest income

Net margin

Provision charge for loan impairment

Customer acquisition expense

Administrative and other operating expenses

Profit before tax

Profit for the period

Balance Sheet

Cash and treasury portfolio

Loans and advances to customers

3Q'20

2Q'20

Change

9M'20

9M'19

Change

30.2

32.3

-6%

94.0

24.4

80.8 16%

26.4

-8%

76.2

6.6

63.9 19%

12.4

-47%

34.6

5.5

19.6 77%

4.1

33%

13.6

8.9

13.9 -2%

8.8

1%

25.2

15.9

20.5 23%

13.1

21%

40.7

12.6

32.2 27%

10.2

23%

31.9

25.1 27%

30-Sep-20

30-Jun-20

Change

30-Sep-19

Change

311.6

288.5

8.0%

139.4 124%

346.3

324.2

6.8%

319.9 8%

Total assets

725.6

669.2

8%

507.6 43%

Customer accounts

513.4

473.9

8%

346.7 48%

Total liabilities

609.1

561.2

9%

424.2 44%

Total equity

116.5

108.1

8%

83.4 40%

Ratios

3Q'20

2Q'20

Change

9M'20

9M'19

Change

-11.5 p.p.

ROAE

ROAA

Net interest margin

Cost/Income (incl. acquisition expenses)

Cost of risk

Most profitable bank

in Central and Eastern Europe, 2017

45.0%

7.2%

16.2%

38.2%

6.5%

Best Internet Bank In Russia, 2018

56.5%

40.8%

59.0%

8.1%

-0.9 p.p.

6.6%

7.7%

22.5%

-6.2 p.p.

18.3%

22.6%

34.1%

4 p.p.

34.3%

38.4%

9.1%

-2.6 p.p.

11.6%

8.6%

Best Consumer Digital Bank in Russia, 2018

-18.2 p.p.

-1.1 p.p.

-4.3 p.p.

-4.1 p.p.

3 p.p.

Best Digital Consumer Bank

In the World, 2020

RUBbn

400

350 300 250 200 150 100 50 0

* Market estimated as non-overdue portfolio from RAS reporting 101 form 455% and 457% accounts, including only loans with term up to 3 years

150%

120%

90%

60%

30%

0%

-30%

RUBbn

14,0

  • Russian consumer finance crisis

    12,0

  • Macro weakness

  • Low oil prices

  • Geopolitics

10,0

140%

120%

8,0

100%

6,0

4,0

2,0

0,0

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3

Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

80% 60% 40% 20% 0%

Profit (quarterly)ROE, rs

  • Russian consumer finance crisis

  • Macro weakness

  • Low oil prices

  • Geopolitics

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3

Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

30%

25%

20%

15%

10%

5%

0%Cost of risk (wo macro)Cost of riskAverage through the cycle

Premium debit/credit cards

Moscow & St. Petersburg: 51%

Black Edition

Max other region: 7%

Monthly income (k): 197

Age: 36

Saint-Petersburg and Leningradskaya oblast'

Gender (M/F)

Average age

Monthly income (k)

Moscow and Moscow Region

Every other region

Data shows weekly volumes as a % of the volumes during the first week of February (=100%)

Card Total Payment Volume (TPV)

SME clients' turnover

OfflineOnline

200% 175% 150% 125% 100% 75% 50%

150%

125%

100%

75%

50%

Online Acquiring Total Payment Volume (TPV)

Retail brokerage transaction volumes

200%

175%

150% 125% 100% 75% 50%

350% 300% 250% 200% 150% 100% 50% 0%

Protecting health and safety of our employees, maintaining motivation, while ensuring business continuity

Supporting our communitiesIncrease in restructuring /payment holiday requests from customers

Moving all non-critical and business essential functions to the cloud, equipping smart couriers with PPE. >95% of HQ employees are working from home. Offering more generous compensation packages for our smart couriers and employees still coming to the office (+15-20%). Increasing the number of employees included in the Long-Term Incentive Program.

Deploying Tinkoff cloud-based home call center (HCC) to assist the Moscow City Government and the People's Social Front (a consumer protection organization) with fielding calls from people beset by COVID-19 and related problems. Committing RUB 1bn to social initiatives, including support for hospitals.

Engaging with customers to find the optimal restructuring solution, including proprietary and government-sponsored payment holidays.

No loss in productivity and employee engagementMeaningful support for communities affected by COVID-19

Managed and controlled increase in restructured exposures, with limited impact on liquidity

Supporting SMEs given difficult revenue generating environment

Lowering acquiring and account fees, offering payment holidays on our small test loan portfolio, helping SMEs move online, launching 0% loans to pay salaries in partnership with the Russian Bank for SME support

Increasing loyalty of the customer base, minimizing negative impact on risk costs from the small test portfolio

Negative macro impact from COVID-19 related lockdowns and lower oil prices

Responding to significant increase in demand for Tinkoff Investments

Strengthening engagement with customers despite social distancing measures

Tightening origination standards (e.g. more manual verification, no issuance of second loans to existing customers), more proactive portfolio and credit limit management, shifting of resources from customer acquisition towards cloud-based pre-collection and collection activities. Gradual increase in approval rates following stabilization and improvement of high frequency internal asset quality metrics.

Investing in technology and system capability to deal with high volumes. Continuing the launch of new product features: a new process to onboard customers without the need for a physical meeting with our smart-couriers; a redesigned and enhanced web terminal; six new currencies that can traded at the interbank rate; online events, webinars, and shows for our customers.

Tinkoff introduced a cash-back offer called "Surviving quarantine" which allows customers to benefit from up to 75% discounts on online services, products, and subscriptions that are particularly in demand during isolation (online cinema, home fitness, books, language courses, etc.). Tinkoff Mobile implemented functions allowing customers to open accounts using virtual sim cards, to delay payment of mobile services by up to 2 weeks without charge, to waive certain roaming fees for customers not able to return to Russia, to record and store voice calls, and to use unlimited data for remote working apps like Zoom, Skype, Slack, etc. Introduced a new communication channel with Tinkoff support for Apple users through iMessage. Introduced 50% cashback on baby food expenditures for parents.

Temporary pause in loan growth in 2Q. Containing risk costs. Higher cash flow generation. Cost structure optimization.

#1 retail brokerage on MOEX by number of active customers for seven consecutive months with 2.4m customers

Continued growth in MAU (now 7.6m) and DAU (now 2.4m), continued growth in Tinkoff Black accounts

Experienced team and continued governance improvements

All members of the management board were present in 08-09 and 14-15 crises

Tinkoff Bank Board of Directors changes signal commitment to further corporate governance roadmap

Loyal, engaged customer base 2.4m DAU, 7.6m MAU 4.8 App rating on Apple Store and Google Play Tinkoff Investments temporarily overtook the number of downloads of our main mobile banking app

Trust in the bank grew 2.4 times over 5 years (according to BrandZ poll)

Digital and flexible operating model

Conservative underwriting standards

  • High share of variable costs: Over 1/3 of total costs are customer acquisition costs

    • 30% hurdle rate ensures large buffer for eventual deteriorations

  • Lean organizational structure, with delegated decision making allowing each business to take swift decisions to relevant challenges

    • Low approval rates, gradually tightening underwriting standards since early 2019

  • Ability to shift resources (including HR) across different functions

  • Smaller than average loan tickets (Average credit card balance is 65k RUB, cash loan 260k RUB, POS loan 27k RUB, home equity 1050k RUB, car loan 550k RUB)

Diversified revenue structure

  • 41% of revenues from non-credit businesses (3Q20)

  • Net fee, commission, and insurance income covers 125% of administrative expenses and 77% of total expenses (3Q20)

  • Non-credit businesses are scaling up and driving customer growth

Abundant liquidity

  • Liquid balance sheet (cash, cash equivalents, and investments amounting to RUB 312bn, or 61% of customer accounts)

  • Short-term balance sheet (83% of financial assets expected to mature within 12 months)

  • Asset-liability matching (Current accounts fund cash, treasury, and very ST lending; deposits fund unsecured consumer lending; wholesale funding funds secured lending)

Adequate capital buffers

  • Current N1.1 buffer over minimum requirement equates to 126% of 2019 bank level profit

  • Highly capital generative business model, thanks to 30% internal hurdle rate

  • Profitable through the cycle, can easily and quickly slow down RWA growth

  • Flexible dividend policy (up to 30% of quarterly net income)

Total customers (m)Mobile App MAU (m)Mobile App DAU (m)

12,1

Several levers to defend returns: high margin credit business, growing non-credit businesses, high share of variable costs

ROA DRIVERS (as % of average assets)

35% 25%

15%

5%

-5%

-15% -25%

1Q 2Q 3Q

2014

Net interest income

4Q

1Q 2Q 3Q

2015

F&C, Insurance income

4Q

1Q 2Q 3Q

2016

Trading income, other

4Q

1Q

2Q 3Q

2Q 3Q

2Q 3Q

2Q

2017

2018

2019

2020

4Q

Provisions

1QAdministrative Expenses

4Q

1QCustomer Acquisition Expenses

-35%

4Q

1Q

3QTaxesROA

Returning to growth

Credit business: Temporary pause in growth trajectoryTransactional & Servicing business lines: reducing P&L volatility

+1.2mn new credit accounts acquired

+8.2% YTD gross loan growth

Diversified product and customer mix

Non-credit card products accounted for 40% of the loan book and secured loans grew to 18% of total portfolio

Conservative front loading of provisions

CoR at 6.5% in 3Q'20 and 11.6% in 9M'20 reflecting our conservative approach to risk assessment

NPLs (90d+) at 11.1% with coverage at 153%, gross loan coverage at 16.9%

Customer growth remains in focus

Current Accounts customers up to 10.7mn (+16% q-o-q and 70% y-o-y)

Investments customers grew to 2.4mn, providing us with record-high impact in fee and commission income

Important and less cyclical revenue and growth driver

41% of revenues coming from non-credit lines in 3Q'20

Tinkoff investments generated 2.1bn of fee income in 3Q'20 to become the second source of F&C income after Tinkoff Business (3.1bn)

Strong contributor to customer growth, leveraging on digital distribution channels

Superior profitability & capital positionStrong business development effort

Net profit of 12.6bn in 3Q'20, up 29.8% y-o-y

ROE grew to 45.0% (ROA of 7.2%) in 3Q'20 returning to our longer-term levels

High statutory and Basel capital ratios throughout the crisis due to high profitability and declining risk weighted asset density on certain unsecured consumer loans

Tinkoff Business started opening accounts for foreign companies

Voice assistant Oleg added new skills, helping customers to set their spending limits, make recurring payments on time and pay their credit card billsTinkoff Capital launched Russia's first exchange-traded fund (ETF) tracking the

Nasdaq®-100 Technology Sector Index (NDXT)

In October, Tinkoff launched a financial messenger built into its super app for users to chat while making financial transactions

Launch of Tinkoff Pro - subscription offering that gives our customers all sorts of benefits within the Tinkoff ecosystems

ASSETS

ASSETS STRUCTURE

3Q'19

4Q'19

Cash and cash equivalents

1Q'20

2Q'20

Investments in debt securities

3Q'20

3Q'19

4Q'19

Net loans

Other

Cash and cash equivalents

1Q'20

2Q'20

Investments in debt securities

3Q'20

Net loans

Other

Total assets grew 8.4% q-o-q in 3Q'20 and 42.9% y-o-y

Our assets structure remains well balanced between loans and highly liquid investments and cash

Our large liquidity cushion enables to capture future growth opportunities

GROSS LOANS

NET LOANS BREAKDOWN

4Q'19

NPLs

3Q'19Net loansLLP

1Q'20

2Q'20

3Q'20

Gross loans grew 5.5% q-o-q, resuming the growth of the portfolio

The share of non-credit card loans grew slightly q-o-q to 40% as of 30-Sep-20

NPL coverage remained comfortable at 153% despite the expected uptick in total NPLs driven by the COVID-19 pandemic. We retain high recovery expectations for NPLs in courts.

The share of collateralized loans grew q-o-q to 18% as of 30-Sep-20

Total LLPs account for a conservative and comfortable 17% of our total gross loan balance

Provisioning rate Stage

ExcellentGood

Monitor Sub standardNPL

Rose to (6.2%) due to macro factor adjustment

(47%)

41.1%

2.0%

2.3%

1.8%

(72%)

  • 2.4% 2.1%

31-Mar-20

Does not include purchased originated credit impaired loans

(6.3%)

  • (46%) (71%)

    40.9%

    1.3%

    4.1%

    1.7%

  • 3.0% 2.1% 1.9% 2.2%

10.5% 10.9%

30-Jun-20

Does not include purchased originated credit impaired loans

(6.3%) (44%) (69%)

41.0% 3.1%

2.3% 1.6%

30-Sep-20

Does not include purchased originated credit impaired loans

Excellent: non-overdue credit cards with PD < 5% or other non-overdue loans with early repayments

Sub-standard: 31-90 days overdue

NPL: 90+ days overdue

Good: other non-overdue loans

Current: non-overdue portfolio with low expected credit risk

Monitor: 1-30 days overdue or without first due date

Restructured loans fall into either Stage 1 or 2 depending on days overdue, on the probability of default level and deterioration, and on number of missed payments. Restructured loans in Stage 1 have higher provision coverage than current loans in Stage 1

"Credit holidays" government program

(Federal Law 106)

No payment over a 6 month period for customers with >30% decline in income

Interest accrues at rate of 2/3 of average market rate

Strict eligibility criteria and requires extensivedocumentation within 90 days of request

Tinkoff restructuring (>1 month)

Temporary relief (<1 month)

Less stringent eligibility criteria

Less stringent eligibility criteria

Flexible solutions with options to maintain a minimum monthly payment to encourage borrower discipline, positively impacting repayment rate and reducing probability of default

Customer allowed to decrease upcoming payment

Contractual interest rate unchanged

Contractual interest rate unchanged

# of loans restructured during 20/03 - 31/10: 3,892 # of restructured loans outstanding as of 31/10: 1,795Size of restructured loan portfolio as of 31/10:

RUB 0.2bn

As of 31-Oct-20, total outstanding restructured loans of RUB 4.6bn amounted to 1.1% of the gross loan portfolio, down from 4.5% as of 31-Jul-20

# of loans restructured during 20/03 - 31/10 139,431

# of restructured loans outstanding as of 31/10:

15,923

Size of restructured loan portfolio as of 31/10:

RUB 4.2bn

Data from management accounts

# of loans restructured during 20/03 - 31/10: 128,088 # of restructured loans outstanding as of 31/10: 1,608Size of restructured loan portfolio as of 31/10:

RUB 0.2bn

FUNDING

575,3

3Q'19

Retail DepositsLegal entities

4Q'19

Debt securities in issue

1Q'20

2Q'20 3Q'20Retail Cur.Acct. & Brokerage fundsSubordinated debt

Due to banks (inc. Repo)

CUSTOMER ACCOUNTS

86% 98,0

All currency data are in bn unless otherwise stated

87%

87% 86%

87%

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

WHOLESALE DEBT MATURITY PROFILE

FX

RUB

% of retail accounts covered by DIA

Put optionPut optionCall option 33,9

4Q'20

Tier 1 PerpetualECP

Local bonds

2Q'21

1Q'22

2Q'22

3Q'22

Customer funds' growth accelerated in 3Q, supported by the increasing popularity of our current account product. Our retail current account balances rose by 32bn in one quarter to 302bn, or a record 53% of total funding

FX position hedged on a long-term basis through a combination of natural hedge and long-dated currency swaps

We continue to deploy our retail current accounts in highly liquid securities and short duration loans

The share of RUB customer accounts has grown q-o-q

Data from management accounts

EXPECTED MATURITY OF FINANCIAL ASSETS (as of 31-Dec-19)

>5 years

1-5 years

6-12 month

3-6 month

1-3 monthDemand and <1 month

NET CASH FLOW PRODUCED BY CREDIT CARDS

15 000

12 000

CASH FLOW MANAGEMENT INSTRUMENTS

15 000

-10 000

-15 000

10 000

-5 000

5 000

-

Thousands

New utilized cards (RHS)

Monthly limit increase/decrease for utilized cards (LHS)

Tinkoff

SHAREHOLDERS' EQUITY

OF THE GROUP

RWA*

+39.7%

+7.8%

+38.8%

+6.8%

116,5

3Q'19

4Q'19

1Q'20

EquityBasel III Tier 1 / Total CAR

2Q'20

Basel III CET1 ratio

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

RWA

Density**

Shareholders' equity rose 7.8% q-o-q given solid profit generation

Risk weighted assets rose 6.8% q-o-q

The negligible size of our FX-denominated assets and our USD-denominated AT1 perpetual bond ensure a small impact on our capital ratios from changes in the RUB/USD exchange rate

*According to Basel regulations **RWA/Total assets

DENSITY

RISK WEIGHTED ASSETS OF THE BANK

Retail loans

Credit + Market risk / Total assets

3Q'19

4Q'19Credit risk

1Q'20Market risk

2Q'20Operational risk

163%

168% 171%

172%

103%

3Q'19

4Q'19

STATUTORY RATIOS

1Q'20

2Q'20

3Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Our statutory risk weighted assets declined 7.9% q-o-q due to the implementation of lower risk weights on certain unsecured consumer loans

Consequently, our risk weighted asset density declined q-o-q

Our statutory capital ratios remain well above the minimum requirements (currently 10.5%/8.5%/7.0% for N1.0/N1.2/N1.1)

Density calculated as risk-weighted retail portfolio divided by RAS retail loan book

REVENUE

3Q'19

9M'19

9M'20

Credit

F&C business

3Q'19

REVENUE STRUCTURE

4Q'19

Treasury

1Q'20

2Q'20

Insurance premiums

3Q'20

9M'19

9M'20Credit

F&C business

4Q'19Treasury

1Q'20 2Q'20Insurance premiums

3Q'20

NET F&C INCOME / OPEX

Net F&C and insurance income / Admin expensesNet F&C and insurance income / Total expenses

112%

120%

72%

76%

117%

111%

73%

125%

79%

77%

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Total revenues grew 12% y-o-y in 3Q'20, driven by non-credit business lines

The share of non-credit revenues grew y-o-y from 32% to 41% - a record high

Our diversified revenue structure reduces the volatility of our P&L

Our non-credit revenue covers more than 100% of our admin expenses and almost 80% of our total expenses

STRUCTURE OF OPERATING EXPENSES

OPERATING EFFICIENCY

+13%

38,8

9M'19

9M'20Administrative staff

+25%

14,3

3Q'19

4Q'19

1Q'20

Other administrative

2Q'20Acquisition

3Q'20

9M'19

9M'20 3Q'19C/I (incl. acquisition)

4Q'19

1Q'20 2Q'20C/I (excl. acquisition)

3Q'20

Operating expenses rose 25% y-o-y, driven by acquisition costs as we returned to growth across all businesses

C/I returned to 2019 levels as we push on with our growth and customer acquisition plans

Rapid acquisition cost growth in 3Q20 compensated a temporary decrease in

2Q'20 caused by COVID

INTEREST INCOME

9M'19

9M'20

INTEREST EXPENSE

3Q'19Credit portfolio

4Q'19Treasury

1Q'20 2Q'20

YIELD

33,1%

28,7%

6,8%

5,5%

3Q'20

Credit portfolioInvestment portfolio

31,6%

30,0%

  • 29,7% 29,8%

    26,8%

    6,5%

    6,4%

  • 6,0% 5,4%

5,3%

9M'19

9M'20

COST OF BORROWING

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

15,5

16,5

2,9

3,4

12,6

13,1

9M'19

9M'20

2Q'20

Customer accounts

3Q'19

4Q'19 1Q'20Wholesale / interbank

5,8% 5,5%

4,3% 3,7%Customer accounts

Blended

3Q'20

9M'19

9M'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Growth in interest income continues to outpace growth in interest expense in 2020

Credit portfolio yield declined in 3Q'20 as we returned to growth, especially in lower yielding categories

Interest expense declined 5% y-o-y despite a 45.7% y-o-y increase in the total funding base

Cost of borrowing reached a record low of 3.9%, continuing its decline driven by easing monetary policy, brand recognition, and customer loyalty

NET INTEREST INCOME

76,2

1Q'20 15,9% 9,9% 5,9 9,7

9M'19

9M'20 3Q'19

COST OF RISK

9M'19

9M'20

Provision for loan impairmentReported Cost of risk

4Q'19

2Q'20

3Q'20

NET INTEREST MARGIN

Net interest margin (NIM)

22,6%

18,3% 11,0% 9,9%

Risk-adjusted NIM 22,5%

7,6%

9M'19

9M'20

3Q'19 4Q'19

WRITE-OFFS / SALE OF BAD DEBTS

Write-offs

Sale of bad debtsRisk-adjusted NIM wo macro

1Q'20

2Q'20

3Q'20

% of gross loans (annualized)

3Q'19

4Q'19 1Q'20 2Q'20 3Q'20Macro factor effect

Underlying CoR (w/o macro factor effect)

4,4%

4,5% 13,5

3,2% 3,0%

4,1%

4,7% 4,8%

2Q'20

9M'19

9M'20

3Q'19

4Q'19

1Q'20

3Q'20

Reported cost of risk (incl. macro factor adjustments) declined q-o-q from 12.5% to 6.5%. As the economic situation turned out to be better than we had originally forecasted in 1Q'20, we reversed in 2Q and 3Q RUB 1.4bn out of the RUB 5.9bn macro factor adjustment made in 1Q'20.

Underlying cost of risk (excl. macro factor adjustments) significantly decreased q-o-q from 13.5% to 6.8%, driven by better performance of borrowers, including those who came out of restructuring programs

Risk adjusted NIM improved sequentially in 3Q'20 despite the q-o-q

NIM decline

NET UNSECURED LOANS

GROSS INTEREST YIELD

277

280

282

281

3Q'20

3Q'19

4Q'19

NPL (% OF GROSS LOANS)

33,8%

32,3%

32,2%

32,4%

29,2%

1Q'20

2Q'20

3Q'19 4Q'19 1Q'20

COST OF RISK (UNSECURED LOANS)

2Q'20

3Q'20

12,4%

17,5%

11,9%

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Our unsecured loan portfolio returned to growth after a temporary slowdown in 2Q'20

Reported cost of risk declined q-o-q from 13.8% to 7.3%

Underlying cost of risk declined q-o-q from 14.9% to 7.7%.

Interest yields resumed their downward decline after temporary resilience in

4Q'19 - 2Q'20

NET COLLATERALIZED LOANS

Car loansSecured loans

62,6

GROSS INTEREST YIELD

TotalCar loansSecured loans

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

15% 14% 13% 12% 11%

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

NPL (% OF GROSS LOANS)

Car loansSecured loans

3,5%

3,5%

COST OF RISK (COLLATERALIZED LOANS)

TotalCar loansSecured loans

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

In 3Q'20, car loans drove total collateralized loans portfolio growth

Underlying/Reported cost of risk changed in the following way in 3Q:

We remain optimistic about the prospects of this high margin, lower cost of risk portfolio

Secured loans: from 2.6%/2.1% to 1.0%/0.9%

Car loans: from 6.7%/5.4% to 4.6%/4.4%

Asset quality metrics continue to develop as the portfolio matures

Total collateralized portfolio: from 4.0%/3.2% to 2.4%/2.2%

12%

10%

8%

6%

4%

2%

0%

FEE AND COMMISSION INCOME

INSURANCE PREMIUMS EARNED

9M'19

+39%

13,0

9M'19Credit-related

9M'20

SME

3Q'19Debit cards

4Q'19

1Q'20

Merchant acquiring

2Q'20Brokerage operations

3Q'20

Other

9M'20

3Q'19

Auto

4Q'19Accident, other

1Q'20

2Q'20

3Q'20

Record-high quarterly revenue from SME, Investments and debit cards business lines lead to an impressive 39% y-o-y F&C income growth

More selective underwriting of insurance customers led to a temporary slowdown in insurance premiums growth

CUSTOMERS (m)

10,7

3Q'19

4Q'19

1Q'20

2Q'20

DEBIT CARDS TOTAL PAYMENT VOLUME (TPV)

3Q'20

640

504

504

446

449

BALANCES

302,2

3Q'19

4Q'19

1Q'20

FEE AND COMMISSION INCOME

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

3Q'19

4Q'19

Interchange

1Q'20

FX

Cash withdrawal

2Q'20

SMS

3Q'20Other

We purposely run this product line close to break-even as we see our current accounts business as the cornerstone of our customer relationship. Tinkoff Black customers are highly transactional, highly engaged, and more open to trying products and services in the Tinkoff suite

10,7m current accounts opened is cast-iron proof of our exceptional UX design, attractive tariffs and superb customer service

Customer base growth and ease of restrictive anti-pandemic measures led to the growth of interchange fees and as a result 16% y-o-y growth of fee and commission income

CUSTOMERS ('000)

BALANCES

565

595

514

535

545

3Q'19

69,9

4Q'19

1Q'20

2Q'20

3Q'20

FEE AND COMMISSION INCOME

3Q'19

4Q'19

+26%

3Q'19

1Q'20

2Q'20

3Q'20

4Q'19Transaction

1Q'20

2Q'20Service

3Q'20

Despite lockdown measures, our SME business showed continued growth in customer number and fee and commission income y-o-y

We continue offering attractive terms and expanding the range of services for

SME customers to support the customer base growthDuring lockdown, Tinkoff SME clients benefitted from our ability to help them migrate to online payments, to do their accounting and tax reporting fully online through our cloud software, to build websites, to set up electronic documentation processes, to set up delivery services with partners, and to provide partner-financed credit lines to help companies through the crisis

CUSTOMERS ('000)

2 387

ASSETS UNDER CUSTODY

221,3

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

TRANSACTION VOLUMES

2 927

REVENUE*

2,2

3Q'19

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

4Q'19

1Q'20

2Q'20

3Q'20

In 2020, Tinkoff Investments sharply grew its customer base, its transaction volumes, and its revenue

Tinkoff Investments was named the winner in the Retail Brokerage

Company category of the Stock Market Elite 2019

#1 retail broker by the number of active users on MOEX throughout 2020, starting Dec 19

Product improvement continues: our asset manager Tinkoff Capital launched Russia's first ETF that tracks the Nasdaq 100 Technology

*Includes all revenues including fee and commissions, FX revenues, and interest on cash balances

Sector Index

TOTAL PAYMENT VOLUME (TPV)

+30%

1Q'20

3Q'19

4Q'19

2Q'20

MERCHANT ACQUIRING COMMISSION

3Q'20

+30%

2,0

2,0

1Q'20

GROSS ACQUIRING COMMISSION*

1,6%

1,7%

1,7%

1,6%

1,6%

3Q'19

4Q'19

1Q'20

SHARE OF DIRECT-TO-MERCHANT

2Q'20

3Q'20

59%

58%

51%

51%

51%

3Q'19

4Q'19

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Steady business growth: turnover up 30% y-o-y along with revenue

Important source of revenue: in 3Q'20 internet acquiring brought 2.0bn of fee income

Direct share shows % of turnover generated by Tinkoff merchants without aggregators

On track to become Russia's second largest online acquirer

*Gross acquiring commission is total fee and commission income divided by turnover

RETURN ON ASSETS

7,7%

NET INCOME

+27%

+30%

1Q'20

9M'19

9M'20

RETURN ON EQUITY

8,1%

8,1%

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

9M'19

9M'20

3Q'19

4Q'19

2Q'20

3Q'20

59,0%

56,5%

49,0%

45,0%

40,8%

37,5%

40,0%

9M'19

9M'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Industry leading ROA of 7.2% and ROE of 45%

Net income of RUB 12.6bn rose 30% y-o-y, supported by continued customer acquisition and monetization

FY2020 guidanceNet loan portfolio growth

Cost of Risk

Net profit

10% area 10-11% 4% area

Time frameImplemented by Tinkoff

Customer support measures

Higher unemployment benefits and social security payments

Government retail borrower payment holiday scheme (see slide 11)

Reduction in interchange and merchant acquiring fees for certain online categories

Tax and debt holidays for SMEs

0% loans to SMEs to continue paying salaries

Bank support measures

Forbearance on revaluation of securities for capital calculation

Forbearance on use of FX rates for capital calculation

Forbearance on provisioning for restructured exposures and payment holidays

Lower deposit insurance charges from 0.15% to 0.10%

Reduced cost for existing CBR irrevocable credit lines

Other

Interest on retail deposits and bond holdings above RUB 1 mn subject to 13% tax

Dividend withholding tax to offshore companies to increase to 15%

Issue in lombard

Issue not in lombard

Financial

Energy

Basic Materials

Consumer, Non-cyclical

Government

Industrial

Utilities

Communications

Consumer, Cyclical

Income statement

Interest income

Net margin

Provision charge for loan impairment Customer acquisition expense Administrative and other operating expenses Profit before tax

Profit for the period

Balance Sheet

Cash and treasury portfolio Loans and advances to customers Total assets

Customer accounts Total liabilities Total equity

Ratios

ROAE ROAA

Net interest margin

Cost/Income (incl. acquisition expenses) Cost of risk

45.0%

56.5%

-11.5 p.p.

40.8%

59.0%

-18.2 p.p.

7.2%

8.1%

-0.9 p.p.

6.6%

7.7%

-1.1 p.p.

16.2%

22.5%

-6.2 p.p.

18.3%

22.6%

-4.3 p.p.

38.2%

34.1%

4 p.p.

34.3%

38.4%

-4.1 p.p.

6.5%

9.1%

-2.6 p.p.

11.6%

8.6%

3 p.p.

RW for unsecured loans since 1-Sep-20

0-10%

100%

100%

100%

110%

130%

  • 150% 180%

    10-15%

    100%

    100%

    100%

    120%

    140%

  • 160% 190%

    15-20%

    120%

    120%

    120%

    160%

    190%

  • 200% 230%

    20-25%

    150%

    150%

    150%

    200%

    230%

  • 240% 270%

    25-30%

    190%

    190%

    190%

    240%

    260%

  • 280% 300%

    30-35%

    300%

    300%

    300%

    310%

    320%

  • 330% 350%

    35%+

    500%

    500%

    500%

    500%

    500%

  • 500% 500%

* SIFI means Systemically Important Financial Institution

LTM GROSS WRITTEN PREMIUMS

18,3

18,5

18,5

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

CAPITAL ADEQUACY*

*Actual capital / Regulatory capital

205%

196%

3Q'19

Ample capital buffers for our insurance business growth plans

4Q'19

1Q'20

2Q'20

3Q'20

TINKOFF BLACK DEBIT CARD

Everyday purchases

3.5% interest on balance1% cashback on all purchases>5% cashback on special categories

Up to 30% cashback on selected merchants

Loyalty programmes and co-brands

Free cash withdrawal in any ATM worldwide

Payments

Convenient interface in the internet and mobile banks

Automatic and regular payments

Support of CB fast payments by phone number (NEW)

Payments to/from Sberbank by phone number (NEW)

Free ingoing and outgoing C2C transfers

Source: management accounts

Multicurrency support

Narrow FX spread (0,5%) and online exchange rate

Money transfers

Multicurrency cards (NEW) and deposits

Accounts in 30 currencies

(NEW)

Lifestyle banking

RETAIL TERM DEPOSITS

Opened and serviced online and via Tinkoff's smart couriers

Free withdrawals and top-ups via ATMs, terminals or bank transfers

Competitive interest rates and features, multiple currencies

Cashbacks for entertainment (NEW)

  • Restaurants

  • Cinema

  • Theaters

  • Concerts

    Tinkoff Travel Cashback

    Stories

    Tinkoff Junior (NEW)

    Premium and Metal cards (NEW)

SAVINGS ACCOUNTS

3% interest

You can open a savings account and save for your personal goals

US$, 11%

CUSTOMERS (m)

BALANCES

10,7

302,2

270,1

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

DEBIT CARDS TRANSACTIONS VOLUME

640

FEE AND COMMISSION INCOME

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

Interchange

FX

Cash withdrawal

2Q'20

3Q'20

SMS

Other

We purposely run this product line close to break-even as we see our current accounts business as the cornerstone of our customer relationship. Tinkoff Black customers are highly transactional, highly engaged, and more open to trying products and services in the Tinkoff suite

10.7m million current accounts opened is cast-iron proof of our exceptional UX design, attractive tariffs and superb customer service

Fee & commission income rose y-o-y in spite of the impact of lockdown measures on transaction volumes

NEW CUSTOMERS ('000)

CAC ('000)

1 200 2,0

1 100

1 000

500

400

300 0,5

200

100

0 0,0

UNIT ECONOMICS

Revenue per customer '000

OPEX per customer '000

BUSINESS LINE P&L

3

2

1

0

Fee and commission income mInterest expense mAcquisition costs m

Interest income m

8 000

6 000

4 000

2 000

0

-2 000

-4 000

-6 000

-8 000

-10 000

Transaction and service costs mOperating income m

HOME EQUITY LOANS

CREDIT CARDS

Flagship credit card product with premium features for mass and affluent customers

Co-brands and loyalty programmes55-day grace period

Free repayments

Free 24/7 call centre coverage

International acceptance anywhere on the Mastercard or VISA networks

Regular limits reviews

Partner-based installment loans - 0% interest rate for up to 12 months. c.100 partner offers for all credit card customers

CASH LOANS

Just with one documents - a state registered ID

Cash-in on a debit card

Over 50% of issuance - to Tinkoff customer base

Cash loans secured by an apartment or a car

Programme loan size is up to RUB10mn, and tenor of 10 years max

Collateral - apartments in apartment blocks, housing property, car

Just one document - a state registered ID, partial loan amount directly debited on Tinkoff Black current account upon credit decision; following registration of collateral in RosReestr (Real Estate Register) the full amount of loan becomes available for a customer

Tinkoff fully conducts the origination process, including valuation, verification and registration of collateral. The involvement of customer in this process is nil

This is still a tiny segment of our overall credit business, we continue to test distribution, gather data and build our models

POS LOANS

Point-of-sale unsecured lending for customers to pay for their purchases at online and offline retailers

Offered to both existing and new customers of Tinkoff

Up to RUB500k for non-Tinkoff customers and up to RUB2mn for

Tinkoff current account customers with positive track-record and risk profile

Low acquisition cost due to organic and cross-sell nature of growth

No cannibalization of credit cards traffic

Low loan size and short loan duration

CAR LOANS

P&L neutral product - the main goal of the product is a cross-sell to credit cards

c.20% of POS monthly issuance converted to credit cards

Two sales channels: dealers (launched 1H2018) and direct (launched in 2H2018)

Focus on second-hand car market with higher interest rates and lower competition vs new cars market

Loans through dealerships:

  • Our own exclusive and best in class IT solution of loan issuance through dealerships

  • Swift online verification

  • Synergy with Tinkoff Insurance

Direct car loans:

  • Partnerships with main classified sites - auto.ru, drom.ru and others

  • Own internet acquisition channels, including cross-sell to existing customer base

This is still a tiny segment of our overall credit business, we continue to test distribution, gather data and build our models

Tinkoff Business ecosystem

Cash Management & Payments

Accounting and State Authorities

Lending

Sales Generator

Internet and POS acquiring

Self-service accounting

Overdrafts and bank

Cloud CRM

Payroll programmes

Cloud accounting

guarantees for select clients

B2B trading

Tax and Currency Control

Management accounting

Call-center services

Customs and Logistics

Qualified e-signature

Targeting

ATMs

Legal and tax consulting

POS lending

API

Cash-in and cash collection

  • SME-loan brokerage

  • Loans for select clients

Start-up your business with Tinkoff

  • Registration of new entities

  • Start-up incubator (franchises)

  • University of an entrepreneur

  • HR agency

TINKOFF BUSINESS GROWTH DYNAMICS (# of accounts)**

Thousands

700 600 500 400 300 200

100

0

TINKOFF MICRO SME'S IS A TOP-5 PLAYER

80 70

Bn

60

50 40 30 20 10 0

Small SME'sMicro SME'sBalance (RHS)

* Small SME (legal entities up to 20 employees), micro SME (individual entrepreneurs) ** Management accounts

Source: Bank's analytics based on CBR 101 form

#

Bank

  • 1 Sberbank

  • 2 VTB Bank

  • 3 Alfa-Bank

  • 4 Rosselkhozbank

  • 5 Tinkoff Bank

  • 6 FC Otkritie

    14.4 12.7

    1-Oct-20 bn

    344

    99

    98

    55

    51

    42.9

    Share

    36.8%

    10.6%

    10.5%

    5.9%

    5.4%

    4.6%

    2019 bn

    2018 bn

    274 213

    77 64

    85 59

    42 38

    39 25

    37.9 23.3

    21.2 15.7

CUSTOMERS ('000)

BALANCES

69,3

545

514

535

565

595

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

FEE AND COMMISSION INCOME

+26%

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Transaction

Service

Despite lockdown measures, our SME business showed continued growth in customer number and fee and commission income y-o-y

We continue offering attractive terms and expanding the range of services for SME customers to support the customer base growth

During lockdown, Tinkoff SME clients benefitted from our ability to help them migrate to online payments, to do their accounting and tax reporting fully online through our cloud software, to build websites, to set up electronic documentation processes, to set up delivery services with partners, and to provide partner-financed credit lines to help companies through the crisis

NEW CUSTOMERS ('000)

CAC ('000)

20

0 0

UNIT ECONOMICS

Revenue per customer '000

OPEX per customer '000

BUSINESS LINE P&L

20

10

0

Fee and commission income mInterest expense mAcquisition costs m

Interest income m

Transaction and service costs mOperating income m

5 000

4 000

3 000

2 000

1 000

0

-1 000

-2 000

-3 000

For different type of investors:

Various investment instruments:

  • Individual Investment Accounts

  • Retail Brokerage Accounts

  • Investor - for passive investors

  • Trader - for active traders

  • Premium - for affluent customers

CUSTOMER ACCOUNTS ('000)

  • Shares

  • ETFs

  • Currency exchange

  • Bonds

  • Investment life insurance

2 387

Tools:

  • Roboadvisor

  • Analytics

  • Personal manager

  • Direct debit/credit from/to current account

  • T+0

BALANCES

2019 snapshot

  • #1 by number of newly opened accounts on MOEX (c.200k acc/mos)

  • Average balance RUB285k

  • DAU 400k

  • MAU 1100k

All currency data are in bn unless otherwise stated

221,3

3Q'19

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

4Q'19

1Q'20

2Q'20

3Q'20

TRANSACTION VOLUMES

2 926,8

1Q'20

3Q'19

* Management accounts

FEE AND COMMISSION INCOME

2,2

4Q'19

2Q'20

3Q'20

3Q'19

4Q'19

1Q'20

Avg. transaction fee rate

2Q'20

3Q'20

NEW CUSTOMERS ('000)

CAC ('000)

250 200 150 100 50 0

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20

300

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20

8

7

6

5

4

3

2

1

0

UNIT ECONOMICS

BUSINESS LINE P&L

0,9

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20

Revenue per customer '000

OPEX per customer '000

0,8

0,7

0,6

0,5

0,4

0,3

0,2

0,1

0,0

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 3Q'20

Revenue mAcquisition mService mOperating income m

2 000

1 500

1 000

500 0 -500 -1 000

  • Car insurance: OSAGO/KASKO

  • Travel insurance

  • Property insurance

Gross written premiums*

  • Life insurance

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

4Q'18

1Q'19

AutoOther

Segment result

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

1Q'20

6,0 5,0 4,0

RUBbn

3,0

2,0 1,0 0,0

4,0

3,5

RUBbn

3,0

2,5

2,0

1,5

1,0

0,5

0,0

1Q'16

2Q'16

3Q'16

4Q'16

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

2Q'20

3Q'20

Total turnover and breakdown*

RUBbn

2Q'17

1Q'16

2Q'16

3Q'16

4Q'16

1Q'17

3Q'17

4Q'17

1Q'18

Turnover

2Q'18

3Q'18

Direct share, rs

Fee and commission income

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

1Q'16

2,0

1,8

1,6

RUBbn

1,4

1,2

1,0

0,8

0,6

0,4

0,2

0,0

2Q'16

3Q'16

4Q'16

1Q'17

2Q'17

3Q'17

4Q'17

1Q'18

2Q'18

3Q'18

4Q'18

1Q'19

2Q'19

3Q'19

4Q'19

1Q'20

2Q'20

3Q'20

Disclaimer

TCS Group Holding plc published this content on 02 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2020 13:08:05 UTC


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Sales 2021 1 623 M - -
Net income 2021 738 M - -
Net Debt 2021 - - -
P/E ratio 2021 16,4x
Yield 2021 0,10%
Capitalization 12 948 M 12 948 M -
Capi. / Sales 2021 7,98x
Capi. / Sales 2022 6,97x
Nbr of Employees 25 970
Free-Float 78,0%
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