MOSCOW, March 14 (Reuters) - Russian consumer lender TCS Group beat analysts’ forecasts in the fourth quarter with a net profit of 3.7 billion roubles ($62.83 million).
Analysts had expected TCS Group to post 2.74 billion roubles in the fourth quarter net profit.
The financial result was four times more than it made a year earlier as income from its credit card business rose strongly.
In the fourth quarter TCS increased the number of credit cards it issued to 408,000, up more than 50 percent year on year. TCS is the second-largest credit card issuer in Russia after Russia’s biggest bank Sberbank.
TCS said on Tuesday it expected its 2017 net profit to be in the upper range of its earlier guidance and to amount to at least 14 billion roubles.
The bank also announced a new dividend policy according to which it will have a target dividend payout ratio for each quarter of 50 percent of the net profit achieved in the preceding financial quarter. ($1 = 58.8859 roubles) (Reporting by Alexander Winning and Kira Zavyalova; Editing by Andrey Ostroukh)