June 8, 2015 / 7:37 AM / 2 years ago

Russia's TCS says makes 193 mln rouble loss in Q1

MOSCOW, June 8 (Reuters) - Russian consumer credit firm TCS Group said on Monday it made a net loss of 193 million roubles ($3.45 million) in the first quarter.

TCS, founded and controlled by entrepreneur Oleg Tinkoff, said it deliberately reduced its issuance of new credit cards as part of efforts to build a liquidity cushion.

It made a net profit of 0.4 billion roubles a year earlier.

Russian banks have seen their profits slide because of high central bank funding costs and as an economic slowdown has led to a deterioration in the quality of their loan books.

$1 = 55.9300 roubles Reporting by Alexander Winning, editing by Jason Bush

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