MOSCOW, August 24. /TASS/. TCS Group, the parent company of Tinkoff Bank, remained profitable in the first half of 2022, but year-on-year net profit was the lowest in the last five years, the group reported on Wednesday.

"Our total assets and total liabilities have remained stable with up to 1% growth in 1H'22 relative to the beginning of the year, while the company continued to be profitable in both quarters of 2022, albeit half-yearly net profit reached its lowest level over the last five years. The Group continues to maintain a significant liquidity cushion and ample capital buffers (almost twice above required minimums), which will enable it to adapt further to the changing environment in 2022," the statement said.

At the same time, the group did not give the exact figure for net profit.

In the first half 2022, the loan portfolio decreased by 4% since the beginning of the year to 584 bln rubles ($9.7 bln). Funds of the group's clients increased by 4% since the beginning of the year to 983 bln rubles ($16.44 bln).

Tinkoff's total equity grew by 9% compared to the end of 2021. "In 1H'22, all statutory capital ratios significantly improved. Group's Basel III CET1 ratio remained strong, being stable year-on-year," the statement said.

"The Group continues to honor its obligations to bondholders and aims to make the coupon payments under its two outstanding Eurobonds in due course in September subject to regulatory environment. Given current limitations in the operation of the capital markets infrastructure, the Group will not be able to execute a call option for its 9.25% perpetual Eurobond in September 2022. To ensure coupon delivery to all bondholders, settlement to Russian residents will be made in Rubles via local settlement agents," the Group added.

Tinkoff Group (TCS Group) was founded in 2006 by entrepreneur Oleg Tinkov. The company's shares are traded on the London Stock Exchange and the Moscow Stock Exchange.