The total revenue of the Tinkoff Group for the first quarter of 2024 according to IFRS increased by 66% to 165.8 billion rubles (in the first quarter of 2023 — 99.9 billion rubles). Net profit for the first quarter of 2024 amounted to 22.3 billion rubles (in the first quarter of 2023 — 16.2 billion rubles). The return on equity was 31.7% (in the first quarter of 2023 — 30.5%). Gross interest income increased by 89% compared to the previous year to 113.5 billion rubles (in the first quarter of 2023 — 60.2 billion rubles). This is stated in the bank's message.
The number of customers increased by 28% and reached 41.9 million (in the first quarter of 2023 — 32.8 million). The profitability of the loan portfolio in the first quarter of 2024 reached 27.3% (in the first quarter of 2023 — 25.0%). The profitability of the Group's securities portfolio increased to 7.1% (in the first quarter of 2023 — 5.6%).
Interest expenses in the first quarter of 2024 increased 3.2 times compared to the previous year and amounted to 38.3 billion rubles (in the first quarter of 2023 — 12.1 billion rubles). The cost of funding increased from 3.8% in the first quarter of 2023 to 8.2% in the first quarter of 2024.
Net interest income in the first quarter of 2024 increased by 56% compared to the previous year and amounted to 73.2 billion rubles (in the first quarter of 2023 — 46.9 billion rubles).
Commission income increased by 28% and amounted to 34.2 billion rubles (in the first quarter of 2023 — 26.7 billion rubles). Net commission income increased by 12% to 18.3 billion rubles (in the first quarter of 2023 — 16.4 billion rubles).
Tinkoff Bank (formerly Himmashbank) was acquired by O.Tinkov in 2006. The Bank is one of the largest Russian banks. The main activity of the bank is consumer lending to individuals, mainly through credit cards, as well as providing a wide range of financial services based on its own online platform.
