International Public Joint-Stock Company T-Technologies (TCS) Q4 2024 earnings summary

Executive summary

• Revenue in 2024 doubled year-over-year to RUB 962 bn; Q4'24 revenue up 2.3x to RUB 338 bn.

• Net profit for 2024 rose 51% year-over-year to RUB 122 bn; Q4'24 net profit up 87% to RUB 39 bn.

• Customer base expanded 18% year-over-year to 48 million; active customers up 16% to 32.4 million.

• Major integration of Rosbank completed, doubling capital and enabling accelerated growth.

• Board recommended RUB 32 per share dividend for Q4'24; total 2024 dividends to reach RUB 33.4 bn (27% of net profit).

Financial highlights

• Gross interest income in 2024 grew 2.3x year-over-year to RUB 693 bn; Q4'24 up 2.7x to RUB 253 bn.

• Net interest income increased 65% year-over-year to RUB 380 bn; Q4'24 up 84% to RUB 125 bn.

• Fee and commission income rose 42% year-over-year to RUB 182 bn; net fee and commission income up 45% to RUB 106 bn.

• Total operating expenses increased 44% year-over-year to RUB 279 bn, reflecting business expansion and IT investments.

• Total assets grew 2.3x year-over-year to RUB 5,118 bn; net loan portfolio up 2.6x to RUB 2,537 bn.

Outlook and guidance

• Net profit growth of at least 40% expected for 2025, with ROE projected above 30%.

• Substantial profit contribution anticipated in H2 2025, driven by technology and efficiency gains.