May 30, 2018 / 7:43 AM / 5 months ago

UPDATE 1-Russia's TCS posts 70 pct jump in Q1 profit

(Adds quotes, detail)

MOSCOW, May 30 (Reuters) - Russian lender TCS Group reported a first-quarter net profit of 5.7 billion roubles ($91.1 million) on Wednesday, up 70 percent year-on-year, and approved an interim dividend payout.

Russian banks have had a turbulent time recently, with the country’s central bank stepping in to rescue three major lenders in 2017 and to shut dozens of smaller banks in a crackdown on reckless lending.

TCS, the parent company of Tinkoff Bank, said its board of directors had approved a second 2018 interim gross dividend payout of $0.24 per share and per global depository receipt (GDR), bringing the total amount of first-quarter dividends to around $43.8 million.

TCS’ first quarter profit was boosted by its core credit card business and the performance of new business lines.

The increase in net profit translates into 68.5 percent growth in return on equity, an indicator that shows how much profit the company generated from the money invested by its shareholders.

“We remain one of the most profitable banks globally,” Oliver Hughes, CEO of Tinkoff Bank, said in the results report.

The cost of risk dipped to 7.5 percent in the first quarter from 7.6 percent in the same period a year earlier, TCS said.

“Five months into 2018, I am happy to confirm that the Group is well on track to deliver the full-year targets that were previously communicated to the market,” Hughes said.

$1 = 62.5800 roubles Reporting by Andrey Ostroukh and Maria Kiselyova; Editing by Mark Potter

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