Tinkoff Bank's net income almost doubles

TCS Group has reported that net income for Tinkoff Bank for the first two months of 2017 stood at RUB 3.2bn versus RUB 1.8bn for the same period in 2016.

The Company said the increase is attributed to the growth of net interest income, lower cost of funding, improved quality of the loan portfolio and growth of revenue from new business lines.

Tinkoff's gross loan portfolio amounted to RUB 123.7bn representing an increase of 19% y-o-y.

The net loan portfolio amounted to RUB 102.6bn having increased by 26% y-o-y and constituted 60% of total assets (57% at year-end 2016).