20th Feb 2014 13:38
LONDON (Alliance News) - TCS Group Holding PLC Thursday said TCS Bank's assets grew by RUB2.3 billion or 2% in January, while they were up 49% increase year-on-year, with loan growth acting as the main driver.
The loan portfolio increased by RUB2.4 billion or 3% in January, or 55% year-on-year.
TCS said the slower growth of the gross loan portfolio in January is because of a period of Russian public holidays at the beginning of the month and also as a result of TCS Bank's more cautious credit underwriting policy.
Net income in January was RUB800 million compared with RUB700 million in December 2013, mostly because of lower administrative costs resulting from fewer working days in the month, the company said.
However, the figures given in the update were reported on an RAS basis, which significantly differs from IFRS reporting.
The main differences, according to TCS, are that consolidated results under IFRS include a number of additional items and results of its subsidiaries and the accrual of expenses under IFRS, amongst other factors.
TCS shares were Thursday quoted at USD13.4%, untraded.
By Samuel Agini; [email protected]; @samuelagini
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