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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
Attachments
- Original document
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
Latest news about TCS Group Holding PLC
Chart tcs group holding plc.
Company Profile
Income statement evolution, annual profits - rate of surprise, sector other holding companies.
- Stock Market
Presentations
![tinkoff investor presentation](https://www.mcclinics.com/local/templates/mid/images/placeholders/doc.png)
TCS Group (Tinkoff), Russian Fintech, Highly Profitable
![tinkoff investor presentation Michael Wiggins De Oliveira profile picture](https://static.seekingalpha.com/images/users_profile/017/546/952/small_pic.png)
- Steadily growing Russian neo bank. Not particularly fast as far as fintech bank go, but it's hugely profitable.
- Attractive here is that this neo bank is much more than just a banking platform. It has plently of ability to cross sell into its 13 million MAUs.
- The stock is priced at 14x this year's earnings.
![](http://help4study.online/777/templates/cheerup1/res/banner1.gif)
Readers interested may also check out: Kaspi ( KAKZF )
Notes to readers:.
Tinkoff is a medium growth neo bank. Unlike some of its competitors, Tinkoff is not growing incredibly fast, at somewhere near 25% y/y. However, what it lacks in attractive fast growth rates, Tinkoff more than makes up with an incredibly profitable enterprise, with an attractive ROE.
I'll touch on some important investment risks of investing in this Russian bank lower down.
Also, I should note that these shares are listed on the London Stock Exchange and their share price is listed in USD. The shares are listed as TCS Group.
Investment Thesis
Tinkoff's shares trade on the London Stock Exchange as Tinkoff Group. It's much more than just a bank, it's a highly sticky ecosystem.
![tinkoff investor presentation tinkoff investor presentation](https://static.seekingalpha.com/uploads/2021/1/25/17546952-16115782191880035.png)
There are several avenues where Tinkoff generates revenues, but the one that's not fully monetized that interests me is its retail brokerage platform .
At the moment it's growing its operations at approximately 25% y/y and is being priced at 14x its 2020 earnings.
What's Tinkoff? Why is it Compelling?
As you can see below Tinkoff has a very sticky investment ecosystem and is now Russia's third-biggest bank with 12 million customers .
![tinkoff investor presentation tinkoff investor presentation](https://static.seekingalpha.com/uploads/2021/1/25/17546952-16115734062249336.png)
Source: Investor Presentation November 2020
However, it also acts as a platform for selling airline tickets and other verticals as you can see in the graphic above. Nonetheless, while those verticals are interesting, the aspect that I'm particularly attracted to here is Tinkoff's Investment ecosystem.
![tinkoff investor presentation tinkoff investor presentation](https://static.seekingalpha.com/uploads/2021/1/25/17546952-161158318473004.png)
This business unit got started in 2016 and is now showing meaningful promise. In fact, Tinkoff Investments's assets under management were up 6x y/y as of Q3 2020 -- very attractive growth rates.
![tinkoff investor presentation tinkoff investor presentation](https://static.seekingalpha.com/uploads/2021/1/25/17546952-16115773387982936.png)
Incidentally, as a brief aside, you can see above, the shares are largely held by Tinkov and management, which together hold more than 40% of the company.
Guidance For FY 2020
![tinkoff investor presentation tinkoff investor presentation](https://static.seekingalpha.com/uploads/2021/1/25/17546952-1611567553627231.png)
Source: November 2020 Investor Presentation
For context, during 2019 Tinkoff's net income was RUB36.1 billion, hence given that its guidance is only for RUB42 billion ($560 million) for 2020, this implies that it's not quite growing its net income at to 25% y/y, but in fact closer to 16% y/y.
However, we have to keep in mind the effect that COVID had on Russia as well as the rest of the world.
Having said that, below we can see that its revenue continues to tick along at close to 23% y/y during its trailing nine months.
![tinkoff investor presentation tinkoff investor presentation](https://static.seekingalpha.com/uploads/2021/1/25/17546952-16115840679157562.png)
Thus, it could be argued that Tinkoff is growing its top line faster than its bottom line because it's still investing for growth in the years ahead .
Valuation -- Appears to Carry a Margin of Safety
Assuming that Tinkoff hits RUB42 billion ($560 million) of net income in 2020 that puts the stock trading at about 14x earnings. In 2020, there are not too many neo banks that are both profitable and growing and likely to be valued anywhere near this valuation.
Obviously, it's difficult to compare with other peers given that most neo banks are publicly held. And I don't think comparisons with Square ( SQ ) are entirely valid as that company is much bigger and broader and US-focused (for the most part). Indeed, Square is playing a whole different game.
Several Investment Risks
Tinkoff is a bank with operations in Russia. Its country of operations has regular and large crises.
Russia's currency, Ruble, is steadily depreciating by about 10% to 15% per year. This is a huge headwind given that the shares are listed in USD.
For investors to be positively rewarded here Tinkoff has to continue growing its net income line at approximately 15% or higher. Otherwise, all considered, investors are probably asked to pay a premium right now.
The Bottom Line
This is an off-the-beaten-track investment. It carries substantial risk. However, I believe that this large bank still has plenty of potential and could be worthwhile considering.
The company is probably growing at somewhere around 25% on its top line, with a strong fiscal position and a broadening ecosystem. Meanwhile, for now, the stock is still trading at close to 14x earnings.
Analyst's Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Michael is LONG Tinkoff shares.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
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Tinkoff Bank to launch asset management unit by year-end
Managed Services Insights: The client lifecycle management solution
Technology & Automation Insights: Elevating KYC and onboarding efficiency
Banking Essentials Newsletter: May 15th Edition
Data Insights: Enhancing regulatory compliance and client lifecycle management.
- 7 Jun, 2019
- Author Beata Fojcik
- Theme Banking
Russia-based JSC Tinkoff Bank, which is part of TCS Group Holding PLC, plans to launch its own asset management company, hoping it will become operational in the fourth quarter.
The asset manager, called Tinkoff Capital, will initially offer clients its own exchange-traded funds, which customers will be able to manage fully online, the lender said June 6.
Tinkoff Capital is also exploring the possibility of offering individual asset management services and hopes to attract about 100,000 customers within a year, Vedomosti said the same day, citing the lender.
- Beata Fojcik
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COMMENTS
FY2023 Presentation. PDF, 830 KB. Tinkoff provides regular on its business through investor presentations and results disclosures. Here you can find all of our recent presentations from meetings with investors as well as our quarterly IFRS results presentations.
TINKOFF tinkoff.ru TINKOFF . Market estimated as non-overdue portfolio from RAS reporting 101 form 455% and 457% accountss including only loans with term upto 3 years tinkoff.ru TINKOFF . tinkoff.ru ... PowerPoint Presentation Author: Amanov Arseniy Evgenyevich Created Date:
• In December 2022, Tinkoff introduced the Tinkoff Pay payment sticker, a new contactless payment method . • In 2022, Tinkoff Credit Broker issued 1 .4 million installment and POS loans for a total of RUB 57 billion, expanding its partner network by 40% . ESG developments • For the second year in a row, Tinkoff received platinum
• Tinkoff completed its debut mortgage securitisation • Tinkoff Named CEE's Best Digital Bank at Euromoney's Awards for Excellence 2021 • Tinkoff launched 9 development hubs • Tinkoff was recognized as Most Innovative Digital Bank by Global Finance 2020 44 .2 • Tinkoff becomes the largest player in the CBR's Faster
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 ...
Tinkoff. Tinkoff is an online provider of retail financial services with over 7mln customers across Russia. Leveraging its high-tech proprietary online platform, Tinkoff has no branches and acquires and services its customers via online channels and its call centre. The bank was founded in 2006 by a Russian entrepreneur Oleg Tinkov.
November 2020 INVESTOR PRESENTATION 0 Disclaimer Certain statements and/or other information... a2fc45c4e661c38e303d6d666c2036.PZ_g9cp8BmYL0EKvz_9PAGA8o-_OBLCWhMei6q52J-M.CPiOoawfQj5Shw3YqZMnSQt1-t_7ZcrM9KrshsEDaKpzyJHEs1E_M1ufAw ... TCS : Tinkoff Investor Presentation November 2020 December 02, 2020 at 08:09 am EST Share November 2020 ...
RENAISSANCE CAPITAL'S 25th ANNUAL RUSSIA INVESTOR CONFERENCE pdf, 2.09 Мб. VTB Capital Investment Forum RUSSIA CALLING! 18 19 November 2020 pdf, 1.22 Мб. Презентация Tinkoff pdf, 1.59 Мб. Show more. 2023 IFRS Results pdf, 2.87 Мб. 1H 2023 IFRS Results pdf, 2.40 Мб. Instruction for voting at an EGM pdf, 1.11 Мб. Show more.
Tinkoff is an online financial ecosystem centred around the needs of customers. The Tinkoff ecosystem offers a full range of financial services for individuals and businesses. With a focus on lifestyle banking, the Tinkoff platform enables customers to analyse and plan personal spending, invest their savings, earn loyalty programme bonuses, book trips, buy movie tickets, make restaurant ...
Source: Investor Presentation November 2020 This business unit got started in 2016 and is now showing meaningful promise. In fact, Tinkoff Investments's assets under management were up 6x y/y as ...
Tinkoff Bank General Information Description. Provider of digital banking and online retail financial services intended to offer consumer lending facilities. The company's financial ecosystem offers a full range of financial and lifestyle services for individuals and businesses via its mobile app and web interface, enabling its clients to avail banking services such as savings, investments ...
TINKOFF . Market estimated as non-overdue portfolio from RAS reporting 101 form 455% and 457% accountss including only loans with term upto 3 years tinkoff.ru TINKOFF . tinkoff.ru TINKOFF . tinkoff.ru ... PowerPoint Presentation Author: Amanov Arseniy Evgenyevich Created Date:
Discover more about S&P Global's offerings. Investor Relations. Investor Relations Overview; Investor Presentations; Investor Fact Book
What is Tinkoff's current revenue? The current revenue for Tinkoff is 00000. How much funding has Tinkoff raised over time? Tinkoff has raised $10M. Who are Tinkoff's investors? Mint Capital has invested in Tinkoff. When was Tinkoff acquired? Tinkoff was acquired on 12-Nov-2010.
Presentations. Events. View All Events. Financial Results. SoFi Investor Relations. [email protected] (844) 422-7634 (SOFI) Quick Links. SEC Filings; Investor FAQs; Main Corporate Site; Investor Email Alerts. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. After submitting ...
The asset manager, called Tinkoff Capital, will initially offer clients its own exchange-traded funds, which customers will be able to manage fully online, the lender said June 6. Tinkoff Capital is also exploring the possibility of offering individual asset management services and hopes to attract about 100,000 customers within a year ...
The history of Tinkoff Bank. Tinkoff's active customer base reached 10 million on March 17. At YE2020, Tinkoff's active customer base was 9.1 million. Tinkoff history: evolution from a monoline bank to a full-fledged online ecosystem satisfying the full range of customers' financial and lifestyle needs.
Investor Presentation September 2021. 2 Certain information contained in this presentation and statements made orally during this presentation relate to or are based on studies, publications, surveys and other data obtained from third-party sources and Cortexyme's own internal estimates and research. While Cortexyme believes these third-party ...
tinkoff.ru TINKOFF . Market estimated as non-overdue portfolio from RAS reporting 101 form 455% and 457% accountss including only loans with term upto 3 years ... TINKOFF . tinkoff.ru TINKOFF . tinkoff.ru TINKOFF . tinkoff.ru TINKOFF . Title: PowerPoint Presentation Author: Amanov Arseniy Evgenyevich Created Date: 3/4/2022 11:38:03 AM ...
Moscow, Russia — 10 September 2021. Tinkoff has announced the launch of Tinkoff Private — a new offering in its ecosystem that will serve affluent customers. It is a digital private banking service that combines a wide range of both traditional and innovative services for affluent customers in the HNWI segment which is now available in the Tinkoff and Tinkoff Investments apps.