Russian lender TCS posts record profit, focused on challenges

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MOSCOW, March 4 (Reuters) – Russian lender TCS Group Holding (TCSq.L) on Friday reported record annual net profit in rubles at 63.4 billion rubles ($561 million) in 2021, up 43% over a year, but said he was now focused on making sure his systems were running as usual.

The operator of Russia’s largest online bank, Tinkoff, was not sanctioned, but trading in its London-listed global certificates of deposit was suspended on Thursday, along with several Russian-based companies. Read more

“As we report strong results for 2021, our immediate focus now is to ensure that all of our systems are operating as usual,” TCS Group co-CEOs Oliver Hughes and Pavel Fedorov said in a statement. “We have everyone on deck. We have ample liquidity in rubles and foreign currencies and a strong capital position.”

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The Russian banking sector has been a particular target of sanctions, with major banks barred from the SWIFT messaging network, making it difficult for lenders and businesses to make and receive payments.

Western nations are seeking to isolate Moscow for its invasion of Ukraine, what Russia calls a “special military operation”.

TCS said Friday that it could, at any time and from time to time, repurchase its outstanding debt through open market purchases, privately negotiated transactions or otherwise.

“Such redemptions, if any, will be made on terms and at prices that we may determine, and will depend on prevailing market conditions, our liquidity needs, contractual restrictions and other factors,” TCS said.

($1 = 113.0000 rubles)

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Reuters reporting in Moscow; edited by David Goodman and Jason Neely

Our standards: The Thomson Reuters Trust Principles.

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