International Public Joint-Stock Company T-Technologies (TCS) Q3 2024 earnings summary

Executive summary

• Net profit for nine months ended 30 September 2024 reached RR 83.5 billion, up from RR 60.2 billion year-over-year.

• Total assets more than doubled to RR 4.97 trillion from RR 2.27 trillion at year-end 2023, driven by major acquisitions.

• The Group completed the acquisition of PJSC ROSBANK and two Rowi entities, significantly expanding its banking and factoring operations.

• Share capital increased to 268.3 million shares following redomiciliation and additional share issues.

• The Group rebranded from TCS Holding to T - Technologies and redomiciled to the Russian Federation.

Financial highlights

• Net interest income for nine months was RR 254.6 billion, up from RR 162.2 billion year-over-year.

• Fee and commission income rose to RR 126.0 billion from RR 91.2 billion year-over-year.

• Credit loss allowance for loans and commitments was RR 86.0 billion, up from RR 37.0 billion year-over-year.

• Total equity increased to RR 503.2 billion from RR 283.9 billion at year-end 2023.

• Customer accounts grew to RR 3.90 trillion from RR 1.71 trillion at year-end 2023.

Outlook and guidance

• The Group maintains adequate capital and liquidity, with stress tests confirming resilience to economic shocks.

• Management expects continued business transformation and efficiency improvements amid ongoing sanctions and market volatility.

• Dividend of RR 92.5 per share approved for nine months of 2024.