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Home » News » Tinkoff Reports Record Net Profit for 2Q and 1H ’21, Raises FY ’21 Guidance

August 26 2021

Tinkoff Reports Record Net Profit for 2Q and 1H ’21, Raises FY ’21 Guidance

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TCS Group Holding PLC , “Tinkoff”, a leading provider of online financial and lifestyle services via its Tinkoff ecosystem, today announces its consolidated IFRS results for the three months and six months ended 30 June 2021.

Oliver Hughes , CEO of Tinkoff Group, commented “We had another strong quarter and we are proud to report that Tinkoff is now serving more than 16.7 total customers and is continuing to grow rapidly. We showed excellent performance across just about all of our business-lines and cross-sell is clearly becoming a major driver of our business as we unlock the power of our ecosystem. 

We continue delivering profitable growth with net profit rising 57% year-on-year to a new quarterly record of RUB 16.1 bn. ROE climbed to 46.1% in the period, underpinned by well-diversified revenue streams.

During 2Q we enhanced our partnership network by acquiring a 5% stake in SPB Exchange, an important partner for Tinkoff Investments. Also, we bought a controlling stake in the loyalty app Koshelek, which has substantial synergies with our core business and a market-leading position with 11 million monthly active users of the app.  We believe that there is significant scope for further partnerships and bolt-on acquisitions as we search for businesses that have a strong fit with our ecosystem, in particular, in the areas of brokerage, payments and SME.   In line with this logic, we also launched a new Service Partner Program, aimed at seeking out top start-ups and technology projects. As part of this program, Tinkoff Group aims to become a strategic partner to companies that show stable growth and have the potential to be integrated into the business-lines of the Tinkoff ecosystem.

As previously communicated, the Company is currently engaging with regulators to explore licensing options and market entry strategies in a number of key markets in South and Southeast Asia. We plan to provide the market with an update on this important component of Company’s strategy in Q4 2021.

Finally, we plan to announce the second wave of TCSGH Board expansion in the coming weeks to further enhance our corporate governance.  Please lookout for the announcement.”

Stanislav Bliznyuk , Chairman of the Tinkoff Bank Management Board, added “I’m pleased to highlight that our non-credit revenue continued rising steadily and accounted for 44% of total revenue in Q2 2021. 

During the second quarter, we surpassed 100,000 daily deliveries of our Tinkoff Black products, the backbone of our ecosystem, setting a new daily record for us. Tinkoff Black now boasts 10.6 million total customers as of the end of June. At the same time, our Tinkoff Pro subscription service is taking off, with over 750k customer accounts activated only 8 months from its launch, which demonstrates a new level of engagement by our core client base.

In 2Q, we also launched our BNPL business – which is one of the more existing and faster-growing segments globally.  Our Dolyame offering became Russia’s first digital BNPL (buy-now-pay-later). The new platform facilitates combines the advantages of online acquiring and installment plans. Buyers can pay for goods in installments without incurring interest, and sellers can immediately receive the full purchase price in their account without delays. We believe this has tremendous market potential. 

Tinkoff Investments, Russia’s leading brokerage by active customer base, expanded to serve 2.3 million total customers by the end of 1H 2021.  Most recently, Tinkoff Investments has appointed Ilya Oprenko as Head of Private Banking to lead this new offering at Tinkoff. He will focus on developing our advisory and lifestyle offerings, as well as Private Equity and alternative investments not previously available to Tinkoff Investments customers. 

In July, we completed our debut securitisation transaction, which involved an offering of mortgage-backed securities. Going forward, securitisation will be an important mechanism at our disposal to balance capital requirements and manage liquidity.

Tinkoff Acquiring is capturing market share, reaching approximately 15% of Russian ecommerce acquiring in the first half of 2021 and securing our place as one of the top three Russian banks in this segment. We are confident that the rapid growth of Russian ecommerce will present us with many opportunities to further expand this business line. 

Tinkoff Business continued growing its customer base, with particularly strong performance in the medium-sized business segment. The SME business line reached 547 thousand total customers at the end of the second quarter.

Our efforts have not gone unnoticed. Tinkoff has been named Central and Eastern Europe’s Best Digital Bank of 2021 by Euromoney’s Awards for Excellence, one of several important accolades we received this year.”

FINANCIAL AND OPERATING REVIEW

In 2Q’21, the Group’s total revenue grew by 37% y-o-y to RUB 65.0 bn (2Q’20: RUB 47.4 bn). Gross interest income increased by 22% y-o-y to RUB 39.9 bn (2Q’20: RUB 32.7 bn), driven by the continued growth of our loan portfolio, customer base, and credit product range. Gross interest yield decreased y-o-y to 25.6% in 2Q’21 (2Q’20: 29.8%), mainly as a result of the declining interest rate environment and changes in the loan mix. The interest yield on the Group’s securities portfolio increased slightly to 5.5% (2Q’20: 5.4%).

In 2Q’21, in connection with the increase in our funding base as we continued to grow our customer base and account balances, interest expense rose only by 11% y-o-y to RUB 6.2 bn (2Q’20: RUB 5.6 bn). This was driven by a continued decline in our cost of borrowing from 4.5% in 2Q’20 to 3.4% in 2Q’21, due to a gradual decrease in deposit rates

(consistent with market rate decreases) and a growing share of current accounts in the funding mix.

In 2Q’21, net margin grew by 23% y-o-y to RUB 33.1 bn (2Q’20: RUB 26.8 bn), primarily as a result of solid y-o-y net loan portfolio growth.

Cost of risk fell to 4.5% in 2Q’21 from 12.5% in 2Q’20. Our risk-adjusted net interest margin rose from 13.3% in 1Q’21 to 14.2% in 2Q’21 (2Q’20: 10.6%). 

Our non-credit business lines continue to deliver an increasing share of our revenue and bottom line thanks to growth of the customer base, our widened range of product offerings and continued monetisation efforts. In 2Q’21 non-credit revenue represented 44% of the Group’s revenue and 18% of the Group’s profit before tax. 

At the end of 2Q’21, the Group had: 

• 10.6 mn total retail current account customers with a total balance of RUB 375 bn
• over 547k total SME customers, with a total balance of RUB 93 bn 
• over 2.3 mn total Tinkoff Investments customers and over RUB 500 bn in customer assets under custody

In 2Q’21, operating expenses increased 90% y-o-y to RUB 24.1 bn (2Q’20: RUB 12.7 bn) driven by continued investment in marketing and advertising for our new, growing business lines. 

The Group reported robust quarterly net profit of RUB 16.1 bn in 2Q’21 (2Q’20: RUB 10.2 bn), supported by new customer acquisition and monetisation. As a result, ROE for 2Q’21 stood at 46.1% (2Q’20: 40.0%).

In 2Q’21, the Group continued to maintain a healthy balance sheet with total assets growing by 12% since the end of 2020 to RUB 966 bn (31 Dec’20: RUB 859 bn).

The Group’s gross loan book grew by 30% since the end of 2020 to RUB 580 bn (31 Dec’20: RUB 447 bn), while the net loan book increased by 35% to RUB 507 bn (31 Dec’20: RUB 377 bn). 

The Group’s NPL ratio decreased to 8.7% (31 Dec’20: 10.3%), while our loan loss provision coverage stood at 1.44x non-performing loans.

The Group’s customer accounts increased by 13% since the end of 2020 to RUB 707 bn (31 Dec’20: RUB 627 bn). 

Tinkoff’s total equity rose by 16% to RUB 147 bn at the end of 2Q’21 (31 Dec’20: RUB 127 bn). As of 1 July 2021, the Group’s statutory N1.0 ratio stood at 12.2%, its N1.2 ratio stood at 11.9%, and the N1.1 ratio stood at 10.0%.

UPGRADED GUIDANCE FOR FY’21 

While some uncertainty remains, we believe we have enough visibility to upgrade our guidance for the financial year of 2021 under the assumption of a gradual recovery in economic activity:

• We now expect our net loan portfolio growth to be 50+% (was previously more than 30%)
• We expect cost of risk to be in the 5% area (was previously 7-8%)
• We expect cost of borrowing to be 3-4% (unchanged)
• We expect the share of non-credit revenues to be more than 40% (unchanged)
• We expect net profit to be at least RUB 60 bn (was previously RUB 55 bn)

EXTENSION OF THE BUYBACK PROGRAMME TO 2022

The Board approved an extension to the current GDRs buyback programme launched April 2021 expiring 31 August 2021 of up to an additional 1.05M GDRs (programme aggregate 1.5M, of which approximately 450K have been purchased) in the period to 30 June 2022, up to a maximum programme expenditure of USD125M (conditional upon the approval of the shareholders for the period after the 2021 AGM).  The purpose of the Programme remains to fund the Company’s long-term management incentive plan MLTIP, as notified in earlier disclosures in April 2021. The GDRs repurchased by the Company will be held in treasury pending cancellation or other permitted use.  

The Programme will be conducted consistent with the general authority to repurchase shares/GDRs granted by the Company’s shareholders at the 2020 annual general meeting, and otherwise in accordance with applicable laws and regulations. Details of any purchases made under the Programme will be provided via RNS announcements and published on the Company’s website.

2Q’2021 AND POST-REPORTING PERIOD OPERATING HIGHLIGHTS

Customer base and engagement growth has led to increased market share

• The Group had over 10.6 mn total Tinkoff Black customers as of 1 July 2021.
• As of 1 July 2021, Group MAU stood at 12.5 mn, Group DAU stood at 4.2 mn.
• Tinkoff Bank’s credit card market share increased to 14,6% as of 1 July 2021, further solidifying its position as Russia’s second largest credit card issuer.

The market and industry associations recognised Tinkoff’s strong performance

• In May, Tinkoff Mobile was named Russia’s most innovative mobile operator in a survey conducted by TelecomDaily – a leading Russian media covering telecom market. 
• In July, Voice assistant Oleg won in two categories in Chatbot Rank 2021 ranking organised by Markswebb, scoring the first place both in the Best Customer
• Experience in Chats ranking out of all digital companies and in the Quality of Customer Experience in Chats ranking among Russia’s top 15 banks. 
• In July, Tinkoff was named Central and Eastern Europe’s Best Digital Bank at Euromoney’s Awards for Excellence 2021. In this category, Euromoney looked for true leadership in a bank’s digital offering as well as evidence that the company’s technology benefits not only the efficiency of the institution, but also customers themselves.
• In July, Tinkoff received Quality Recognition Awards by J.P. Morgan in three categories, in recognition of its operational excellence in processing customer payments in foreign currencies in 2020.
• In July, Tinkoff won four out of seven CEMEA categories in the 2020 Visa Global Service Quality Awards – an annual client performance program honoring the world’s highest-performing acquirers, issuers, and issuer processors. 
• In July, Frank Cards & Reward named Tinkoff’s Superapp the best daily mobile banking app among its 2021 awards recipients.
• In August, Brand Finance Magazine announced its 2021 Brand Finance Russia 50 rating, in which Tinkoff rose by 7 spots to 32 nd place, in addition to being included in the top 5 most valuable banks in Russia.

Superior and innovative product offering combined with targeted marketing activities secure Tinkoff’s place as a leading fintech brand

• In April, Tinkoff acquired a majority stake in Beskontakt LLC, the developer of Koshelek digital wallet, an aggregator of banking cards and retail loyalty programs. The Koshelek app is a leader in its field, reporting the highest number of users of any app in Russia and the CIS
• In June, Tinkoff launched a beta version of its free voice assistant Oleg which became available to subscribers of all Russian mobile operators. Oleg is not just a personal assistant but also a “defender” protecting customers from spammers and fraudsters.
• In June, Tinkoff launched a new program to assist startups and technology projects, as part of which it will become a strategic investor or partner to companies that show stable growth and have the potential to be integrated into Tinkoff’s services, product lines or its wider ecosystem. 
• In June, Tinkoff adopted AI technology developed by Anodot – the autonomous business monitoring company – to help safe-proof the way customers experience payments and trading on the Tinkoff platform.
• In July, Tinkoff’s voice assistant Oleg was a winner in the Increase in Productivity category and a finalist in the Cost Reduction category of the first national award AI Russia Awards’21 – the first national award in the field of effective use of artificial intelligence for business. 
• In August, Tinkoff and Yandex announced a partnership through which Tinkoff will offer online loans of up to RUB 200k to customers on the Yandex.Market ecommerce platform.

Commitment to further improving our Investor Relations (IR) disclosure and ESG practices

• Tinkoff’s senior management will continue its series of virtual Strategy Days for analysts and investors throughout the second half of the year, where they will present detailed information on Tinkoff’s business lines and exciting new strategic initiatives. 

Corporate governance enhancements and new management appointments

• In July, Ilya Oprenko was appointed Head of Private Banking where he will oversee the launch of Tinkoff Private and be responsible for growing the segment’s assets and managing private banking teams. He will focus on developing our advisory and lifestyle offerings, as well as Private Equity and alternative investments not previously available to Tinkoff Investments customers. 
• In July, Ivan Zimin was appointed Vice President for Integration of Government Technologies and Services, in order to develop Tinkoff’s presences and partnerships with the Russian Government’s fintech and digital services.  

Other corporate developments

• In June, Tinkoff acquired 5% in the St. Petersburg Exchange – a major platform for trading international securities in Russia.
• In July, Tinkoff completed its debut mortgage securitisation, placed by mortgage agent TB 1. The placement included class A and class B bonds secured by a mortgage loan portfolio. The order book was 1.5x oversubscribed.
• In July, Tinkoff announced it would open 9 new development hubs across Russia and Belarus. The company intends to hire 800 employees to staff the development hubs by the end of the year.

This announcement is released by TCS Group Holding plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal Act) 2018 (“UK MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of UK MAR.

CONFERENCE CALL INFORMATION

The Tinkoff management team will host an investor and analyst conference call at 14:00 UK time (16:00 Moscow time, 09:00 US Eastern Daylight Time), on Thursday, 26 August 2021.

The press release, presentation and financial statements will be available on the Tinkoff website at  https://www.tinkoff.ru/eng/ir/financials/quarterly-earnings/

To participate in the conference call, please use the following access details:

A live webcast of the presentation will be available at: 

https://www.webcast-eqs.com/tcsgroup20210826

People In This Post

• Oliver Hughes

• Stanislav Bliznyuk

TinkOff Bank

Companies In This Post

• Tinkoff Bank

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TCS Group Holding PLC London S.E.

Us87238u2033, investment holding companies.

• TCS : Tinkoff Investor Presentation November 2020

November 2020

INVESTOR PRESENTATION

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.

A digital financial & lifestyle ecosystem built around customer needs

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

Lifestyle journey in your banking app

Restaurants 25%

Tinkoff Junior

Drives customers'

loyalty and stickiness

 20.6 installs

 150m sessions per month

 1.5min session length

All currency data are in RUB bn unless otherwise stated

SHAREHOLDER STRUCTURE

Tinkov Family Trust Free float

Best Digital Bank

in Central and Eastern Europe, 2016

GROUP'S KEY FINANCIALS (IFRS)

Income statement

Interest income

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

Net interest margin

Cost/Income (incl. acquisition expenses)

Cost of risk

Most profitable bank

in Central and Eastern Europe, 2017

Best Internet Bank In Russia, 2018

Best Consumer Digital Bank in Russia, 2018

Best Digital Consumer Bank

In the World, 2020

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

• Russian consumer finance crisis

• Macro weakness

• Low oil prices

• Geopolitics

80% 60% 40% 20% 0%

Profit (quarterly) ROE, rs

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

Premium debit/credit cards

Moscow & St. Petersburg: 51%

Black Edition

Max other region: 7%

Monthly income ( ₽ k): 197

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

Offline Online

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

Online Acquiring Total Payment Volume (TPV)

Retail brokerage transaction volumes

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 communities Increase 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 engagement Meaningful 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)

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

ROA DRIVERS (as % of average assets)

Net interest income

F&C, Insurance income

Trading income, other

1Q Administrative Expenses

1Q Customer Acquisition Expenses

3Q Taxes ROA

Returning to growth

Credit business: Temporary pause in growth trajectory Transactional & 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 position Strong 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 bills Tinkoff 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 STRUCTURE

Cash and cash equivalents

Investments in debt securities

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

3Q'19 Net loans LLP

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

Excellent Good

Monitor Sub standard NPL

Rose to (6.2%) due to macro factor adjustment

Does not include purchased originated credit impaired loans

(46%) (71%)

3.0% 2.1% 1.9% 2.2%

10.5% 10.9%

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

Excellent: non-overdue credit cards with PD 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 extensive documentation within 90 days of request

Tinkoff restructuring (>1 month)

Temporary relief (

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

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

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:

Size of restructured loan portfolio as of 31/10:

Data from management accounts

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

Retail Deposits Legal entities

Debt securities in issue

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

Due to banks (inc. Repo)

CUSTOMER ACCOUNTS

All currency data are in ₽ bn unless otherwise stated

WHOLESALE DEBT MATURITY PROFILE

% of retail accounts covered by DIA

Put option Put option Call option 33,9

Tier 1 Perpetual ECP

Local bonds

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

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

1-3 month Demand and

NET CASH FLOW PRODUCED BY CREDIT CARDS

CASH FLOW MANAGEMENT INSTRUMENTS

New utilized cards (RHS)

Monthly limit increase/decrease for utilized cards (LHS)

SHAREHOLDERS ' EQUITY

OF THE GROUP

Equity Basel III Tier 1 / Total CAR

Basel III CET1 ratio

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

RISK WEIGHTED ASSETS OF THE BANK

Retail loans

Credit + Market risk / Total assets

4Q'19 Credit risk

1Q'20 Market risk

2Q'20 Operational risk

STATUTORY RATIOS

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

F&C business

REVENUE STRUCTURE

Insurance premiums

9M'20 Credit

4Q'19 Treasury

1Q'20 2Q'20 Insurance premiums

NET F&C INCOME / OPEX

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

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

9M'20 Administrative staff

Other administrative

2Q'20 Acquisition

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

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

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

INTEREST EXPENSE

3Q'19 Credit portfolio

1Q'20 2Q'20

Credit portfolio Investment portfolio

29,7% 29,8%

COST OF BORROWING

4Q'19 1Q'20 Wholesale / interbank

4,3% 3,7% Customer accounts

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

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

9M'20 3Q'19

COST OF RISK

Provision for loan impairment Reported Cost of risk

NET INTEREST MARGIN

Net interest margin (NIM)

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

Risk-adjusted NIM 22,5%

3Q'19 4Q'19

WRITE-OFFS / SALE OF BAD DEBTS

Sale of bad debts Risk-adjusted NIM wo macro

% of gross loans (annualized)

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

Underlying CoR (w/o macro factor effect)

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

NPL (% OF GROSS LOANS)

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

COST OF RISK (UNSECURED LOANS)

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 loans Secured loans

Total Car loans Secured loans

15% 14% 13% 12% 11%

COST OF RISK (COLLATERALIZED LOANS)

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%

FEE AND COMMISSION INCOME

INSURANCE PREMIUMS EARNED

9M'19 Credit-related

3Q'19 Debit cards

Merchant acquiring

2Q'20 Brokerage operations

4Q'19 Accident, other

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)

DEBIT CARDS TOTAL PAYMENT VOLUME (TPV)

Interchange

Cash withdrawal

3Q'20 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 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)

4Q'19 Transaction

2Q'20 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

ASSETS UNDER CUSTODY

TRANSACTION VOLUMES

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)

MERCHANT ACQUIRING COMMISSION

GROSS ACQUIRING COMMISSION*

SHARE OF DIRECT-TO-MERCHANT

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

RETURN ON EQUITY

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 guidance Net loan portfolio growth

Cost of Risk

10% area 10-11% 4% area

Time frame Implemented 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

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

Basic Materials

Consumer, Non-cyclical

Communications

Consumer, Cyclical

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

Cash and treasury portfolio Loans and advances to customers Total assets

Customer accounts Total liabilities Total equity

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

RW for unsecured loans since 1-Sep-20

* SIFI means Systemically Important Financial Institution

LTM GROSS WRITTEN PREMIUMS

CAPITAL ADEQUACY*

*Actual capital / Regulatory capital

Ample capital buffers for our insurance business growth plans

TINKOFF BLACK DEBIT CARD

Everyday purchases

3.5% interest on balance 1% 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

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

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

Tinkoff Travel Cashback

Tinkoff Junior (NEW)

Premium and Metal cards (NEW)

SAVINGS ACCOUNTS

3% interest

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

DEBIT CARDS TRANSACTIONS VOLUME

FEE AND COMMISSION I NCOME

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 )

UNIT ECONOMICS

Revenue per customer ₽ '000

OPEX per customer ₽ '000

BUSINESS LINE P&L

Fee and commission income ₽ m Interest expense ₽ m Acquisition costs ₽ m

Interest income ₽ m

Transaction and service costs ₽ m Operating income ₽ m

HOME EQUITY LOANS

CREDIT CARDS

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

Co-brands and loyalty programmes 55-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

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

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

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

Tinkoff Business ecosystem

• 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)**

700 600 500 400 300 200

TINKOFF MICRO SME'S IS A TOP -5 PLAYER

50 40 30 20 10 0

Small SME's Micro SME's Balance (RHS)

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

Source: Bank's analytics based on CBR 101 form

3 Alfa-Bank

4 Rosselkhozbank

5 Tinkoff Bank

6 FC Otkritie

1-Oct-20 ₽ bn

CUSTOMERS ('000)

Transaction

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

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)

• Currency exchange

• Investment life insurance

• Roboadvisor

• Analytics

• Personal manager

• Direct debit/credit from/to current account

2019 snapshot

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

• Average balance RUB285k

• MAU 1100k

* Management accounts

Avg. transaction fee rate

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

Revenue ₽ m Acquisition ₽ m Service ₽ m Operating income ₽ m

500 0 -500 -1 000

• Car insurance: OSAGO/KASKO

• Travel insurance

• Property insurance

Gross written premiums*

• Life insurance

Segment result

6,0 5,0 4,0

2,0 1,0 0,0

Total turnover and breakdown*

Direct share, rs

Fee and commission income

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• Total assets of Snap-on Incorporated 2016-2021