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