august 2020 investor presentation - Тинькофф Банк

0

August 2020

INVESTOR PRESENTATION

Disclaimer

Certain statements and/or other information included in this document may not be historical facts and may

constitute “forward looking statements” within the meaning of Section 27A of the U.S. Securities Act and

Section 2(1)(e) of the U.S. Securities Exchange Act of 1934, as amended. The words “believe”, “expect”,

“anticipate”, “intend”, “estimate”, “plans”, “forecast”, “project”, “will”, “may”, “should” and similar expressions

may identify forward looking statements but are not the exclusive means of identifying such statements.

Forward looking statements include statements concerning our plans, expectations, projections, objectives,

targets, goals, strategies, future events, future revenues, operations or performance, capital expenditures,

financing needs, our plans or intentions relating to the expansion or contraction of our business as well as

specific acquisitions and dispositions, our competitive strengths and weaknesses, our plans or goals relating

to forecasted production, reserves, financial position and future operations and development, our business

strategy and the trends we anticipate in the industry and the political, economic, social and legal environment

in which we operate, and other information that is not historical information, together with the assumptions

underlying these forward looking statements. By their very nature, forward looking statements involve

inherent risks, uncertainties and other important factors that could cause our actual results, performance or

achievements to be materially different from results, performance or achievements expressed or implied by

such forward-looking statements. Such forward-looking statements are based on numerous assumptions

regarding our present and future business strategies and the political, economic, social and legal environment

in which we will operate in the future. We do not make any representation, warranty or prediction that the

results anticipated by such forward-looking statements will be achieved, and such forward-looking statements

represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or

standard scenario. We expressly disclaim any obligation or undertaking to update any forward-looking

statements to reflect actual results, changes in assumptions or in any other factors affecting such statements.

1

I. Tinkoff Today

ONLINE CUSTOMER-CENTRIC ECOSYSTEM

3

A digital financial & lifestyle ecosystem built around customer needs

TINKOFF MOBILE APP: ONE-STOP-SHOP FOR A WHOLE RANGE OF AVAILABLE SERVICES

4

Credit products

SME

RetailBrokerage

Mobile andpayments

Acquiring

Insurance

MVNO

Travel

Cinema tickets

Concerts &Events

Taxi

Restaurants

Tinkoff Black current accounts

Partnerproducts

Proprietaryproducts

Tinkoff ID: a key to unlock Tinkoff offering

TINKOFF BLACK CURRENT ACCOUNT: CUSTOMERS’ FEEDER TO TINKOFF ECOSYSTEM

5

We also see positive cross-sell dynamics among other products

Cash loans

All Airlines

Insurance

Platinum

Co-brands

96%

47%

38%

9%

8%

Investments

All Airlines

Cash loans

Insurance

SME

Co-brands

Platinum

of SME decision makers take Tinkoff Black within1 year

70 %

of SME customers use one or moreadditional corporate service,up from 30% a year ago

42%

of POS customers have utilized a credit card within1,5 years

20 %

TINKOFF BLACK: THE CENTRAL PILLAR TO ROLL OUT THE CROSS-SELL POTENTIAL

6

How Tinkoff Black drives cross-sell

TINKOFF BLACK IS A MAJOR SALE CHANNEL FOR OTHER PRODUCTS

TINKOFF BLACK IS USED BY OUR CREDIT CUSTOMERS

80%

32%

32%

31%

30%

8%

9%

1/3 of Tinkoff customer base has

more than 1 product

TINKOFF MOBILE APP: MORE THAN JUST FINANCIAL SERVICES

7

20.6 installs

2.3m DAU

7m MAU

150m

sessions

per month

1.5min

session length

Lifestyle journey in your banking app

Superb UX

Drives customers’ loyalty and stickiness

Tinkoff Junior Stories

Cinema Concerts Theatre Restaurants Shopping Travel

25% 35%

WITH ZERO BRANCHES, WE DELIVER PRODUCTS EVERYWHERE IN RUSSIA

8

CUTTING-EDGE PRODUCTS AND SERVICES BUILT IN-HOUSE

9

TINKOFF DNA

10

THE BEST IDEAS FOUND AROUND THE WORLDBUNDLED IN ONE APP

11

Premium checking

Tinkoff Blacksince 2012

Custodial/teen banking

Tinkoff Juniorsince 2018

Retail brokerage

Tinkoff Investments

since 2016

SME banking & online acquiring

Tinkoff Businesssince 2016

Online Insurance

Tinkoff Insurance

since 2016

II. Performance overview

OWNERSHIP STRUCTURE AND FINANCIAL HIGHLIGHTS

Best Digital Bank

in Central and Eastern Europe, 2016

Best Consumer Digital Bank

in Russia, 2018

Best Internet Bank

In Russia, 2018

SHAREHOLDER STRUCTURE GROUP’S KEY FINANCIALS (IFRS)

All currency data are in RUB bn unless otherwise stated

Awards

Most profitable bank

in Central and Eastern Europe, 2017

13

Best Digital Consumer and Corporate Bank

In Russia, 2019

40,4

53,1

6,5

Oleg Tinkov Free float Management

Long-term perspective – growth

14

* Market estimated as non-overdue portfolio from RAS reporting 101 form 455% and 457% accounts, including only loans with term up to 3 years

-30%

0%

30%

60%

90%

120%

150%

0

50

100

150

200

250

300

350

400

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

RU

B b

n

Loans and advances to retail customers LTM Tinkoff portfolio growth, rs LTM market* growth, rs

• Russian consumer finance crisis

• Macro weakness

• Low oil prices

• Geopolitics

Long-term perspective – profitability

15

0%

20%

40%

60%

80%

100%

120%

140%

0,0

2,0

4,0

6,0

8,0

10,0

12,0


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

RU

B b

n

Profit (quarterly) ROE, rs


• Macro weakness

• Low oil prices

• Geopolitics

$300mn capital raise factored in

Long-term perspective – cost of risk

16


• Macro weakness

• Low oil prices

• Geopolitics

0%

5%

10%

15%

20%

25%


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Cost of risk (wo macro) Cost of risk Average through the cycle

Customer Profile

17

PlatinumFlagship credit card

Moscow & St. Petersburg: 26%Max other region: 5%

Monthly income (₽k): 53Age: 38

Tinkoff BlackFlagship debit card



Black EditionPremium debit/credit cards



M F M FM F

PlatinumCredit Cards

TinkoffAllAirlines

Home Equity Loans Auto Loans Tinkoff BlackTinkoff

InvestmentsBlack Edition

Customers

Gender (M/F) 49% / 51% 55% / 45% 53% / 47% 80% / 20% 58% / 42% 75% / 25% 72% / 28%

Average age 38 35 40 39 34 32 36

Monthly income (₽k) 53 108 105 79 81 98 197

Moscow and Moscow Region 18% 44% 22% 17% 34% 36% 42%

Saint-Petersburg and Leningradskaya oblast’ 8% 12% 9% 8% 12% 12% 9%

Every other region ≤5% ≤3% ≤5% ≤5% ≤3% ≤3% ≤7%

Consumer finance market: steady growth while consolidating

18

All currency data are in ₽ bn unless otherwise stated

24.9%32.0% 37.4% 42.8% 45.5% 44.8% 43.9% 44.6%7.3%6.4% 7.9% 10.3%

11.6%11.8%

13.3% 13.5%

5.6%6.8% 6.7% 7.3%

8.3%11.1%

10.8% 10.7%

6.8%7.2% 8.6% 9.6%

8.3%7.2%

6.7% 6.5%

33.0%26.3% 19.9% 17.3%

15.2%

15.5%

16.5% 16.9%

22.5%21.1%

19.5% 12.7%11.1%

9.6%

8.6% 7.9%

1 015

1 198 1 087

999 1 122

1 313

1 595 1 600

2013 2014 2015 2016 2017 2018 2019 1-Jul-20

Other banks

Other consumer banks

VTB Bank

Alfa-Bank

Tinkoff Bank

Sberbank

22.6% 26.0% 29.1% 32.3% 34.3% 36.5% 37.7% 39.5%2.9% 3.0% 3.9% 4.9%5.6%

6.4%7.6% 8.0%

6.1% 5.9% 7.5% 9.0%8.2%

7.0%

7.1% 6.9%

4.8% 5.6% 5.5% 5.6%6.3%

7.2%

6.8% 6.7%

25.5% 22.3%18.8% 17.1%

16.5%16.3%

16.6% 15.9%38.0% 37.1%

35.2% 31.2%29.2%

26.6%

24.3%23.0%

2 653 2 650

2 172 2 120

2 427

2 754

3 238 3 036

2013 2014 2015 2016 2017 2018 2019 1-Jul-20

Other banks

Other consumer banks

Alfa-Bank

VTB Bank

Tinkoff Bank

Sberbank

III. 2Q2020 IFRS financial results

COVID-19 impact – a recovery well underway

20

RETAIL BROKERAGE TRANSACTION VOLUMESONLINE MERCHANT ACQUIRING VOLUMES

50%60%70%80%90%100%110%120%130%140%150%

Offline Online

0%

40%

80%

120%

160%

200%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

50%

60%

70%

80%

90%

100%

110%

120%

COVID-19 Update: Challenges and responses

21

12%

23%

29%

Tinkoff is an agile yet steady ship

Flexible operating model- High share of variable costs: Over 1/3 of total costs are customer

acquisition costs- Lean organizational structure, with delegated decision making allowing

each business to take swift decisions to relevant challenges- Ability to shift resources (including HR) across different functions

Conservative underwriting standards- 30% hurdle rate ensures large buffer for eventual deteriorations- Low approval rates, gradually tightening underwriting standards since early 2019- Smaller than average loan tickets (Average credit card balance is 65k RUB, cash loan

260k RUB, POS loan 27k RUB, home equity 1050k RUB, car loan 550k RUB)

Experienced team and continued governance improvements- All members of the management board were present in 08-09 and 14-15 crises

- Tinkoff Bank Board of Directors changes signal commitment to further corporate governance roadmap

Loyal, engaged customer base- 1.8m DAU, 5.6m MAU- 4.8 App rating on Apple Store and Google Play.- Tinkoff Investments temporarily overtook the number of downloads of our main mobile banking app- Deposit balances largely unchanged in March despite macro and newsflow volatility

22

2015 2019

trust in the bank grew 2.4 times over 5 years(according to BrandZ poll)

% of respondents that indicated Tinkoffas their 1st choice for their next financial product

Several levers to defend returns: high margin credit business, growing non-credit businesses, high share of variable costs

23

Conservative lending practices

Strict credit limit increase policy

Pricing for riskProactive collection and pre-collection

Tinkoff: same way of doing business, more resilient structure

24

Business principles

Customer centric ecosystem approach

Test and learnNPV approach with 30% hurdle rate

Focus on liquidity and stability

Small tickets, short duration lending

Asset-liability duration matchingFX hedging

Summary of 2Q’20 performance

25

Asset growth dynamics

Total assets grew 10.3% q-o-q in 2Q’20

and 48.0% y-o-y


ASSETS ASSETS STRUCTURE

Our assets structure shifted

towards liquid investments given a

more conservative lending stance

and still strong current account

customer growth

Our large liquidity cushion enables to

capture future growth opportunities

26

43,8 48,4 57,3 61,2 56,5

290,3 319,9 329,2 335,8 324,2

94,297,0

135,2 148,0 217,123,8

42,4

57,861,6

71,4

452,1507,6

579,5606,7

669,2

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Cash and cash equivalents Investments in debt securities Net loans Other

10% 10% 10% 10% 8%

64% 63% 57% 55%48%

21% 19%23% 24%

32%

5% 8% 10% 10% 11%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20


43,8 48,4 57,3 61,2 56,5

290,3 319,9 329,2 335,8 324,2

94,297,0

135,2 148,0 217,123,8

42,4

57,861,6

71,4

452,1507,6

579,5606,7

669,2

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20


ASSETS

+48.0%

+10.3%

Credit business: temporary pause in portfolio growth

Gross loans declined 1.2% q-o-q, driven by more conservative

underwriting during lockdown

The share of non-credit card loans was stable at 39% as of 30-Jun-

20

The share of secured loans grew to 17% as of 30-Jun-20

NPL coverage remained comfortable at 165% despite the expected

uptick in total NPLs driven by the COVID-19 pandemic. We retain high

recovery expectations for NPLs in courts.

Total LLPs account for a conservative and comfortable 18% of our

total gross loan balance


27

290,3319,9 329,2 335,8 324,2

42,8

49,154,7

64,0 71,3333,0

369,0383,9

399,9 395,5

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20Net loans LLP

GROSS LOANS

-1.2%

+18.6%

64% 62% 61% 60% 61%

19% 18% 16% 16% 15%

6% 7% 8% 7% 6%

8% 9% 10% 10%5% 6% 6% 7%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

SME loans

Car loans

Home equity

POS loans

Cash loans

Credit cards

NET LOANS BREAKDOWN

NPLs

2,8% 3,2% 3,3% 3,4% 4,3%

4,6% 4,8% 5,8% 6,1%6,6%

7,4% 7,9%9,1% 9,4%

10,9%

173% 168% 156% 170% 165%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20Courts Non-courts LLP/NPL

Gross loan portfolio quality – IFRS 9


Excellent: non-overdue credit cards with PD < 5% or other non-overdue

loans with early repayments

Good: other non-overdue loans

Current: non-overdue portfolio with low expected credit risk

Monitor: 1-30 days overdue or without first due date

Sub-standard: 31-90 days overdue

NPL: 90+ days overdue

Restructured loans fall into either Stage 1 or 2 depending on days

overdue, on the probability of default level and deterioration, and on

number of missed payments. Restructured loans in Stage 1 have

higher provision coverage than current loans in Stage 1

28

46.3% 39.2%

35.0% 41.1%

2.3% 2.3%1.4% 1.8%

2.0% 2.4%1.9% 2.1%

9.1% 9.2%

2.0% 2.0%

Provisioning rate

Stage

Excellent

Good

Monitor

Sub standard

NPL

35.9%

40.4%

1.3% 1.7%

3.0% 2.1%

10.4%

4.1%

31-Dec-19 31-Mar-20 30-Jun-20

(6.3%) (46%) (71%)(47%) (72%)Rose to (6.2%) due to macro factor

adjustment(4.7%) (46%) (73%)

Does not include purchased originated credit impaired loans Does not include purchased originated credit impaired loans

Loan restructurings and relief measures

29

Data from management accounts

“Credit holidays” government program(Federal Law 106)

Tinkoff restructuring (>1 month) Temporary relief (<1 month)

Less stringent eligibility criteria

Flexible solutions with options to maintain a

minimum monthly payment to encourage borrower

discipline, positively impacting repayment rate and

reducing probability of default

Contractual interest rate unchanged

Less stringent eligibility criteria

Customer allowed to decrease upcoming payment

Contractual interest rate unchanged

No payment over a 6 month period for customers

with >30% decline in income

Interest accrues at rate of 2/3 of average market rate

Strict eligibility criteria and requires extensive

documentation within 90 days of request

Total outstanding restructured volumes of RUB 14.5bn amounted to 3.7% of our gross loans portfolio as of 31-Jul-2020

# of loans restructured during 20/03 – 31/07: 3,469

# of restructured loans outstanding as of 31/07: 2,946

Size of restructured loan portfolio as of 31/07: RUB

0.4m


# of restructured loans outstanding as of 31/07:

53,167


12.1bn


# of restructured loans outstanding as of 31/07:

16,183


2.0bn

Customer funds’ growth accelerated in 2Q, supported by the

increasing popularity of our current account product. Our retail current

account balances rose by 45bn in one quarter to 270bn, or a record

51% of total funding

The structure of RUB vs FX customer accounts has stabilized

Funding: record customer inflows

FUNDING CUSTOMER ACCOUNTS

FX position hedged on a long-term basis through a combination of

natural hedge and long-dated currency swaps

We continue to deploy our retail current accounts in highly liquid and

short duration assets, ensuring a very robust liquidity position

30

119,5 131,3 137,3 141,2 143,8

154,8169,2

211,7 225,2270,1

40,746,2

62,7 53,2

60,0

18,819,2

18,5 21,1

19,2

28,1

26,1 25,8

25,5

20,5

17,4

372,0394,8

456,8483,9

526,4

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Retail Deposits Retail Cur.Acct. & Brokerage funds

Legal entities Subordinated debt

Debt securities in issue Due to banks (inc. Repo)

WHOLESALE DEBT MATURITY PROFILE

+41.5%

+8.8%

268,1 293,4 349,0 339,4 378,2

47,0 53,362,6 80,2

95,7

87% 87% 87% 86% 87%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

FX

RUB

% of retail accounts coveredby DIA

21,0

1,9 0,8

10,2

2,5

31,1

4Q'20 … 2Q'21 … 1Q'22 2Q'22 3Q'22

Tier 1 Perpetual

ECP

Local bonds

Call optionPut option Put option Put option


Liquidity: short term duration assets, highly cash generative portfolio

31

Data from management accounts

-3 000

-

3 000

6 000

9 000

12 000

15 000

Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

0

30

60

90

120

150

180

-15 000

-10 000

-5 000

-

5 000

10 000

15 000

Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

Tho

usa

nd

s

New utilized cards (RHS) Monthly limit increase/decrease for utilized cards (LHS)

48%

12%

12%

11%

15%

2%

Tinkoff

>5 years

1-5 years

6-12 month

3-6 month

1-3 month

Demand and <1 month

EXPECTED MATURITY OF FINANCIAL ASSETS (as of 31-Dec-19)

NET CASH FLOW PRODUCED BY CREDIT CARDS

CASH FLOW MANAGEMENT INSTRUMENTS

Shareholders’ equity rose 11.9% q-o-q given solid profit generation, and positive revaluation of debt securities

Risk weighted assets rose 9% q-o-q given the rapidly increasing securities portfolio

The negligible size of our FX-denominated assets and our USD-denominated AT1 perpetual bond ensure a small impact on our capital ratios from changes

in the RUB/USD exchange rate


Equity: solid capital ratios under Basel standards

32

*According to Basel regulations**RWA/Total assets

SHAREHOLDERS’ EQUITY OF THE GROUP

54,5

83,4

96,1 96,6

108,1

14,2%

20,1% 19,1% 19,2% 19,0%

10,3%

16,1% 15,9% 15,5% 16,0%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Equity Basel III Tier 1 / Total CAR Basel III CET1 ratio

+98.3%

+11.9%

RWA*

478 485

570 585637

106%96% 98% 96% 95%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20RWA Density**

+33.2%

+9.0%

SHAREHOLDERS’ EQUITY OF THE GROUP

RWA*

Statutory Capital Ratios: very comfortable position

33

Total asset RWA density remained in check given more moderate loan growth and continued growth of the treasury portfolio

Market risk increased due to the growth of the treasury portfolio

Our statutory capital ratios remain well above the minimum requirements (as

of Apr 1, 2020 -10.5%/8.5%/7.0% for N1.0/N1.2/N1.1)

Density calculated as risk-weighted retail portfolio divided by RAS retail loan book


RISK WEIGHTED ASSETS OF THE BANK

536 608 635 661 661

3838 61

86 131127

127127

127168

701773

823874

960

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Credit risk Market risk Operational risk

+36.9%

+9.8%159% 163% 168% 171% 171%

130% 132% 125% 127% 124%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Retail loans Credit + Market risk / Total assets

DENSITY

STATUTORY RATIOS

13,0%

11,1%11,9% 12,1%

12,8% 12,4%

9,5%

7,7%8,4%

9,5%8,7%

10,1%

12,7%

10,4%10,9%

11,7% 11,2%12,1%

1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

N1.0 N1.1 N1.2

Revenue: record high contribution from non-credit businesses

Total revenues grew 21% y-o-y, with growth in revenues across all business

lines

The share of non-credit revenues grew y-o-y from 30% to 37% - a record high

Our diversified revenue structure reduces the volatility of our P&L

Net fee, commission, and insurance income covers >100% of admin expenses


34

REVENUE

28,2 29,7 29,9 31,1 31,0

7,4 8,5 10,0 8,9 10,81,7 1,7 2,0 2,3 2,72,9

4,3 4,6 4,8 4,640,344,1 46,5 47,1 49,1

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Credit F&C business Treasury Insurance premiums

51,462,1

14,1

19,63,6

5,0

5,3

9,474,3

96,2

1H'19 1H'20

+29% +21%

52%67% 69% 73% 70%

93%106% 110% 111% 102%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Net F&C and insurance income / Admin expensesNet F&C and insurance income / Total expenses

NPLs

70% 67% 64% 66% 63%

18% 19% 21% 19% 22%

4% 4% 4% 5% 5%7% 10% 10% 10% 9%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Credit F&C business Treasury Insurance premiums

69% 65%

19% 20%

5% 5%7% 10%

1H'19 1H'20

REVENUE STRUCTURE

Operating expenses: investing for future growth

* Administrative and other operating expenses + customer acquisition expenses.** Income is stated as operating income that includes net interest income, net fee and commission income, insurance premiums earned and other operating income. Cost is stated as client acquisition expenses plus administrative and other operating expenses.

Operating expenses rose 7.0% y-o-y driven by growing staff costs and

provisions of related parties loans.

Lower customer acquisition costs for the credit business were offset by

increased efforts in acquiring customers through non-credit lines

We continue to invest in businesses that will ensure we deliver on our

long-term growth targets

Over 1/3 of our cost base relates to customer acquisition (11pp of

C/I): we can rapidly scale our investments upwards or downwards to

respond to market or strategic needs.

35


STRUCTURE OF OPERATING EXPENSES OPERATING EFFICIENCY

38%45% 42% 46% 46%

18%18% 22%

19%22%

44% 37% 37% 34%

32%

11,9 11,6 11,7 11,6

12,9

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Administrative staff Other administrative Acquisition

40%46%

18%

21%

42%

33%

22,7

24,5

1H'19 1H'20

39,4%

34,5%33,5% 32,3% 32,3%

22,1% 21,9% 21,2% 21,1% 21,5%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

C/I (incl. acquisition) C/I (excl. acquisition)

40,7%

32,3%

23,4%21,3%

1H'19 1H'20

+7% +7%

Interest income and expense: resilient asset yields, record low funding costs

Growth in interest income continues to outpace growth in interest expense

Interest expense only grew 2% y-o-y despite a 41.5% y-o-y increase in the total

funding base

Credit portfolio yield remained temporarily stable in 2Q’20

Cost of borrowing reached a record low of 4.4%, continuing its decline

driven by easing monetary policy, brand recognition, and customer

loyalty

36


33,9% 31,5% 29,7% 29,7% 29,4%

6,9% 6,5% 6,4% 6,0% 5,4%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Credit portfolio Investment portfolio

INTEREST INCOME YIELD

INTEREST EXPENSE COST OF BORROWING

25,9 27,6 27,9 29,1 29,1

1,8 1,8 2,1 2,5 2,827,7 29,4 30,0 31,5 31,9

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Credit portfolio Treasury

47,058,1

3,75,350,7

63,4

1H'19 1H'20

4,3 4,6 4,9 4,5 4,5

1,2 0,9 1,1 1,1 1,1

5,5 5,5 5,9 5,6 5,6

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Customer accounts Wholesale / interbank

7,9 9,0

2,02,3

10,011,2

1H'19 1H'20

5,8% 5,7%5,1%

4,3% 4,0%

6,2% 5,8% 5,6%4,8% 4,4%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Customer accounts Blended

5,4%4,1%

5,8%4,6%

1H'19 1H'20

33,3%29,7%

7,0% 5,5%

1H'19 1H'20

+25% +14%

+2%+13%

Credit business: Net interest income and cost of risk

37


Reported cost of risk (incl. macro factor adjustments) declined q-o-q from

15.9% to 12.5%. As the economic situation turned out to be better than we

had originally forecasted in 1Q’20, we reversed RUB 1.0bn out of the RUB

5.9bn macro factor adjustment made in 1Q’20.

Underlying cost of risk (excl. macro factor adjustments) expectedly

increased q-o-q from 9.9% to 13.5%, driven by higher than usual

migration of loans into Stage 2 and 3 following the COVID-19

pandemic

Risk-adjusted NIM remained healthy

NET INTEREST INCOME NET INTEREST MARGIN

COST OF RISK WRITE-OFFS / SALE OF BAD DEBTS

21,8 23,3 23,6 25,3 26,1

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

39,8

51,4

1H'19 1H'20

6,8 8,0 7,6 9,7 11,4

5.9 -1.0

8,9% 9,1% 8,1%

15,9%

12,5%9,9%

13,5%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Provision for loan impairment Macro factor effect

Reported Cost of risk Underlying CoR (w/o macro factor effect)

11,7

23,2

4,88,2%

14,3%

11,8%

1H'19 1H'20

+19%+28%

23,3% 22,4%20,1% 19,9% 19,0%

16,1% 14,8%13,5%

7,6%

9,8%12,2%

9,1%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Net interest margin (NIM) Risk-adjusted NIM Risk-adjusted NIM wo macro

22,4%19,3%

15,9%

8,7%

10,5%

1H'19 1H'20

3,1 2,6 2,6 3,3 4,2

3,62,9 2,9

4,0 4,7

4,7%3,2% 3,0% 4,1% 4,7%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Write-offs Sale of bad debts % of gross loans (annualized)

6,5 7,5

7,18,7

5,1% 4,4%

1H'19 1H'20

Unsecured loans: adjusting growth

38

The unsecured loan book marginally declined q-o-q given more conservative

underwriting standards, with stable gross interest yield and contributing to

the NPL ratio inching up sequentially

Reported cost of risk declined q-o-q from 17.5% to 13.8%

Underlying cost of risk rose q-o-q from 10.7% to 14.9%.


NET UNSECURED LOANS GROSS INTEREST YIELD

COST OF RISK (UNSECURED LOANS)

260

277 280 282268

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

8,1% 8,9%10,0% 10,3%

11,9%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

NPL (% OF GROSS LOANS)

35,6%33,6% 32,0% 32,2% 32,0%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

9,1% 9,6% 8,8%

17,5%

13,8%

10,7%

14,9%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Secured loans: a profitable portfolio diversifier

39

In 2Q’20, growth in secured loans outpaced that in unsecured loans

We remain optimistic about the prospects of this high margin, lower cost of

risk portfolio

Asset quality metrics continue to develop as the portfolio matures

Underlying/Reported cost of risk changed in the following way in 2Q:

Home equity loans: from 2.7%/3.5% to 2.6%/2.1%

Car loans: from 8.1%/10.6% to 6.7%/5.4%

Total secured portfolio: from 4.6%/6.1% to 4.0%/3.2% %


NET SECURED LOANS GROSS INTEREST YIELD

COST OF RISK (SECURED LOANS)NPL (% OF GROSS LOANS)

11,4 17,0 19,2 20,8 21,5

18,0

24,9 29,1

31,9 33,5 29,4

41,9 48,3

52,7 55,0

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Car loans Home equity

0,8%1,1%

1,8%

2,8%

3,5%

0,1%0,4%

0,7%1,1%

1,7%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Car loans Home equity

11%

12%

13%

14%

15%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Total Car loans Home equity

0%

2%

4%

6%

8%

10%

12%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Total Car loans Home equity

Transactional & Servicing business:Continued customer growth across a resilient, high growth portfolio

FEE AND COMMISSION INCOME INSURANCE PREMIUMS EARNED

Despite the pressures from lockdown measures, which are visible from

q-o-q dynamics, fee and commission revenue grew 19% y-o-y, with

growth across all segments except credit-related fees.

Tinkoff Investments more than doubled its revenue q-o-q

All parts of our insurance business show steady growth

40


2,2 2,0 1,9 1,9 1,8

2,2 2,5 2,8 2,6 2,4

2,2 2,7 2,7 2,6 2,3

1,61,5

2,0 1,8 1,7

0,7 1,50,3

0,50,5 0,6 0,58,6

9,410,3 10,2 10,2

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Credit-related SME Debit cards Merchant acquiring Brokerage operations Other

4,3 3,7

4,3 5,0

3,9 4,93,1

3,52,21,116,3

20,4

1H'19 1H'20

+19%+25%

1,0 1,3 1,4 1,5 1,4

2,0

3,03,2 3,3 3,2

2,9

4,34,6 4,8 4,6

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Auto Accident, other

1,82,8

3,5

6,55,3

9,4

1H'19 1H'20

1.6x1.8x

Current accounts: through-the-cycle customer acquisition platform

We purposely run this product line close to break-even as we see our current

accounts business as the cornerstone of our customer relationship. Tinkoff

Black customers are highly transactional, highly engaged, and more open to

trying products and services in the Tinkoff suite

9,3m million current accounts opened is cast-iron proof of our exceptional

UX design, attractive tariffs and superb customer service

Fee & commission income rose y-o-y in spite of the impact of lockdown

measures on transaction volumes

41


CUSTOMERS (m) BALANCES

FEE AND COMMISSION INCOMEDEBIT CARDS TRANSACTIONS VOLUME

5,76,3

7,18,1

9,3

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

395446

504 504449

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

0,7 0,8 0,6 0,3 0,3

0,40,6 0,7

0,90,6

0,20,2 0,2 0,2

0,1

0,30,3 0,4 0,4

0,4

0,6

0,8 0,9 0,80,9

2,2

2,7 2,7 2,62,3

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20Interchange FX Cash withdrawal SMS Other

154,8169,2

211,7 225,2

270,1

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

+6%

SME: remarkably resilient business

Despite lockdown measures, our SME business showed continued growth in

customer number and fee and commission income y-o-y

We continue offering attractive terms and expanding the range of services for

SME customers to support the customer base growth

During lockdown, Tinkoff SME clients benefitted from our ability to help

them migrate to online payments, to do their accounting and tax

reporting fully online through our cloud software, to build websites, to

set up electronic documentation processes, to set up delivery services

with partners, and to provide partner-financed credit lines to help

companies through the crisis

42


CUSTOMERS (‘000)

484 514 535 545 565

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

BALANCES

39,745,3

60,2

50,957,4

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

FEE AND COMMISSION INCOME

1,61,9

2,2 2,0 1,8

0,60,6

0,70,6

0,6

2,22,5

2,82,6

2,4

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Transaction Service

+10%

Tinkoff Investments: going from strength to strength

2Q’20 saw yet again record inflows, record transaction volumes, and record

fee and commission income

#1 retail broker by the number of active users on MOEX for seven

consecutive months (Dec Jun 2020)

Product improvement continues: Tinkoff Investment launched its new

Investment Box function, allowing customers to set up regular top ups

of their investment account from their Tinkoff Black card. This can be

done by rounding up transaction values, reinvesting cashback,

reinvesting the interest earned on the current account, or setting up a

monthly or weekly automatic investment.

43


CUSTOMERS (‘000) BALANCES

REVENUETRANSACTION VOLUMES

593750

1 1251 436

1 912

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

30,1 36,953,1

85,5

143,5

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

117307

520

1 162

2 157

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

149273

422

835

1 562

0,09% 0,08% 0,07% 0,07%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Avg. transaction fee rate

Net income: solid result

Industry leading ROA/ROE of 6.4%/40.0%, even without macro

factor adjustments (5.9%/36.9%)

Reported net income of RUB 10.2bn rose 25% y-o-y, and was

supported by continued customer acquisition and monetization, a

0.8bn after-tax impact from macro factor adjustment,, and the

realization of gains on our securities portfolio

44


NET INCOME

8,29,7

11,09,0 10,2

-4.60.9

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Net income Macro impact

15,419,3

-3.7

1H'19 1H'20

RETURN ON ASSETS

RETURN ON EQUITY

7,6%8,1% 8,1%

6,1%6,4%

9,2%

5,9%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

64,7%56,5%

49,0%

37,5% 40,0%

56,4%

36,9%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

7,5%

6,2%

7,4%

1H'19 1H'20

64,3%

38,4%

45,9%

1H'19 1H'20

2020 Guidance withdrawn

45


FY2020 guidance

Net loan portfolio growth Back to steady growth

Cost of Risk 12% area

Cost of Borrowing 5% area

Net profit ₽30-35 bn

Appendix 1. Supplementary financial information

Regulatory responses to COVID-19 crisis

47

Customer support measures

Bank support measures

Other

Time frame

Higher unemployment benefits and social security payments

Government retail borrower payment holiday scheme (see slide 11)

Reduction in interchange and merchant acquiring fees for certain online categories

Tax and debt holidays for SMEs

0% loans to SMEs to continue paying salaries

Forbearance on revaluation of securities for capital calculation

Forbearance on use of FX rates for capital calculation

Forbearance on provisioning for restructured exposures and payment holidays

Lower deposit insurance charges from 0.15% to 0.10%

Reduced cost for existing CBR irrevocable credit lines

Interest on retail deposits and bond holdings above RUB 1 mn subject to 13% tax

Dividend withholding tax to offshore companies to increase to 15%

Mar-Dec 2020

Apr-Sep 2020

Apr-Sep 2020

Apr-Dec 2020

Apr-Sep 2020

Mar-Dec 2020

Mar-Dec 2020

Apr-Sep 2020

From Jul 2020

Apr 2020-Mar 2021

End of 2020

End of 2020

Structure of the treasury portfolio

Note: management estimates, unaudited

48

>=BBB-

88%

BB+

8%

BB3%

0-1

5%1-3

17%

3-5

31%

5+47%

RUB

78%

FX

22%

75%

25%

Issue in lombard

Issue not inlombard

Financial

Energy

Basic Materials

Consumer, Non-cyclical

Government

Industrial

Utilities

Communications

Consumer, Cyclical

BY RATING DURATION CURRENCY

IN CBR LOMBARD

BY SECTOR

Key financial results

49


Income statement 2Q’20 1Q’20 Change 1H’20 1H’19 ChangeInterest income 31.9 31.5 1% 63.4 80.0 -21%

Net margin 26.1 25.3 3% 51.4 63.2 -19%

Provision charge for loan impairment 12.4 15.6 -20% 28.0 19.6 43%

Customer acquisition expense 4.1 4.0 3% 8.1 13.9 -42%

Administrative and other operating expenses 8.8 7.6 15% 16.4 20.5 -20%

Profit before tax 13.1 11.6 13% 24.8 32.2 -23%

Profit for the period 10.2 9.0 13% 17.3 25.1 -31%

Balance Sheet 30-Jun-20 31-Mar-20 Change 30-Jun-19 ChangeCash and treasury portfolio 288.5 209.6 37.6% 117.9 145%

Loans and advances to customers 324.2 335.8 -3.5% 290.3 12%

Total assets 669.2 606.7 10% 452.1 48%

Customer accounts 473.9 419.6 13% 315.0 50%

Total liabilities 561.2 510.1 10% 397.6 41%

Total equity 108.1 96.6 12% 54.5 98%

Ratios 2Q’20 1Q’20 Change 1H’20 1H’19 ChangeROAE 40.0% 37.5% 2.6 p.p. 38.4% 64.3% -25.8 p.p.

ROAA 6.4% 6.1% 0.3 p.p. 6.2% 7.5% -1.2 p.p.

Net interest margin 19.0% 19.9% -0.9 p.p. 19.3% 22.5% -3.2 p.p.

Cost/Income (incl. acquisition expenses) 32.3% 32.3% - 32.3% 40.9% -8.7 p.p.

Cost of risk 12.5% 15.9% -3.4 p.p. 14.3% 8.2% 6 p.p.

Regulatory environment

* SIFI means Systemically Important Financial Institution

50

Jan-19

4.500%

1.875%

6.375%

0.650%

7.025%

1.500%

7.875%8.525%

2.000%

9.875%10.525%

Арг-19

4.500%

2.000%

6.500%

0.650%

7.150%

1.500%

8.000%8.650%

2.000%

1О.ООО% 10.650%

Jul-19

4.500%

2.125%

6.625%

0.650%

7.275%

1.500%

8.125%8.775%

2.000%

10.125% 10.775%

Oct-19

4.500%

2.250%

6.750%

0.650%

7.400%

1.500%

8.250%8.900%

2.000%

10.250% 10.900%

Jan-20

4.500%

2.500%

7.000%

1.000%

8.000%

1.500%

8.500%9.500%

2.000%

10.500%11.500%

Tinkoff Insurance capital requirements

51

High capital adequacy along with rapid business growth

All currency data are in ₽ bn unless otherwise statedLTM GROSS WRITTEN PREMIUMS

11,3

13,9

16,4 18,3 18,5

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

CAPITAL ADEQUACY*

188%

160%138%

205% 196%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

*Actual capital / Regulatory capital

Appendix 2. Transactional business lines: description and economics

TINKOFF BLACK DEBIT CARD RETAIL TERM DEPOSITS

Opened and serviced online

and via Tinkoff’s

smart couriers

Free withdrawals and top-ups

via ATMs,

terminals or bank transfers

Competitive interest rates and

features, multiple currencies

Source: management accounts

US$, €11%

SME14%

Retail current54%

Retail term33%

US$, €16%

Rouble84%

3% interest

You can open a savings account and save for your

personal goals

SAVINGS ACCOUNTS

Tinkoff Black: current accounts, savings and transactions

53

Everyday purchases

3.5% interest on balance

1% cashback on all purchases

>5% cashback on special categories

Up to 30% cashback on selected merchants

Loyalty programmes and co-brands

Free cash withdrawal in any ATM worldwide

Payments

Convenient interface in the internet and mobile

banks

Automatic and regular payments

Support of CB fast payments by phone number

(NEW)

Payments to/from Sberbank by phone number

(NEW)

Free ingoing and outgoing C2C transfers

Multicurrency support

Narrow FX spread (0,5%) and

online exchange rate

Money transfers

Multicurrency cards (NEW) and

deposits

Accounts in 30 currencies

(NEW)

Lifestyle banking

Cashbacks for entertainment (NEW)

Restaurants

Cinema

Theaters

Concerts

Tinkoff Travel Cashback

Stories

Tinkoff Junior (NEW)

Premium and Metal cards (NEW)

0,7 0,8 0,6 0,3 0,3

0,40,6 0,7

0,90,6

0,20,2 0,2 0,2

0,1

0,3 0,4 0,40,4

0,6

0,8 0,9 0,80,9

2,2

2,7 2,7 2,62,3

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Interchange FX Cash withdrawal SMS Other

Transactional business: Current accounts

CUSTOMERS (m)

54

DEBIT CARDS TRANSACTIONS VOLUME FEE AND COMMISSION INCOME


154,8 169,2211,7 225,2

270,1

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

395446

504 504449

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

+6%

BALANCES

5,76,3

7,18,1

9,3

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

We purposely run this product line close to break-even as we see our current

accounts business as the cornerstone of our customer relationship. Tinkoff

Black customers are highly transactional, highly engaged, and more open to

trying products and services in the Tinkoff suite

9.3m million current accounts opened is cast-iron proof of our exceptional

UX design, attractive tariffs and superb customer service

Fee & commission income rose y-o-y in spite of the impact of lockdown

measures on transaction volumes

Tinkoff Black current accounts: economics

NEW CUSTOMERS (‘000)

0,0

0,5

1,0

1,5

2,0

CAC (₽’000)

0

1

2

3

Revenue per customer ₽'000 OPEX per customer ₽'000

UNIT ECONOMICS

-10 000-8 000-6 000-4 000-2 00002 0004 0006 0008 000

Fee and commission income ₽m Interest income ₽m

Interest expense ₽m Transaction and service costs ₽m

Acquisition costs ₽m Operating income ₽m

BUSINESS LINE P&L

55

0

100

200

300

400

500

600

700

800

900

CREDIT CARDS

POS LOANSCASH LOANS

Credit business: product diversification

56

Flagship credit card product with premium features

for mass and affluent customers

Co-brands and loyalty programmes

55-day grace period

Free repayments

Free 24/7 call centre coverage

International acceptance anywhere

on the Mastercard or VISA networks

Regular limits reviews

Partner-based installment loans - 0% interest rate for up

to 12 months. c.100 partner offers for all credit card

customers

Just with one documents - a state registered ID

Cash-in on a debit card

Over 50% of issuance - to Tinkoff customer base

Up to RUB500k for non-Tinkoff customers and up to RUB2mn for

Tinkoff current account customers with positive track-record and risk

profile

Low acquisition cost due to organic and cross-sell nature of growth

No cannibalization of credit cards traffic

Point-of-sale unsecured lending

for customers to pay for their

purchases at online and offline retailers

Offered to both existing and new customers of Tinkoff

Low loan size and short loan duration

P&L neutral product – the main goal of the product is a

cross-sell to credit cards

c.20% of POS monthly issuance converted to credit

cards

Cash loans secured by an apartment or a car

Programme loan size is up to RUB10mn, and tenor of 10 years

max

Collateral – apartments in apartment blocks, housing property,

car

Just one document – a state registered ID, partial loan amount

directly debited on Tinkoff Black current account upon credit

decision; following registration of collateral in RosReestr (Real

Estate Register) the full amount of loan becomes available for a

customer

Tinkoff fully conducts the origination process, including valuation,

verification and registration of collateral. The involvement of

customer in this process is nil

This is still a tiny segment of our overall credit business, we

continue to test distribution, gather data and build our models

Two sales channels: dealers (launched 1H2018) and

direct (launched in 2H2018)

Focus on second-hand car market with higher interest

rates and lower competition vs new cars market

Loans through dealerships:

Our own exclusive and best in class IT solution of

loan issuance through dealerships

Swift online verification

Synergy with Tinkoff Insurance

Direct car loans:

Partnerships with main classified sites – auto.ru,

drom.ru and others

Own internet acquisition channels, including cross-

sell to existing customer base

This is still a tiny segment of our overall credit

business, we continue to test distribution, gather data and

build our models

HOME EQUITY LOANS CAR LOANS

Tinkoff Business (SME*): product proposition and market positioning

# Bank1-Jul-20₽ bn

Share2019₽ bn

2018₽ bn

1 Sberbank 339 42.5% 274 213

2 Alfa-Bank 95 11.9% 85 59

3 VTB Bank 93 11.6% 77 64

4 Rosselkhozbank 49 6.2% 42 38

5 Tinkoff Bank 48 6.0% 39 25

6 FC Otkritie 40 5.0% 38 23

7 Raiffeisenbank 23 2.9% 21 16

8 URALSIB 16 2.0% 14 13

TINKOFF BUSINESS GROWTH DYNAMICS (# of accounts)**

TINKOFF MICRO SME’S IS A TOP-5 PLAYER

* Small SME (legal entities up to 20 employees), micro SME (individual entrepreneurs) ** Management accounts Source: Bank’s analytics based on CBR 101 form

15 27 43 60 77 90 102 109114 118122128 130123128

1836

6498

130164

204240

280312 336

361386405422437

0

10

20

30

40

50

60

70

0

100

200

300

400

500

600

₽B

n

Tho

usa

nds

Small SME's Micro SME's Balance (RHS)

57

Lending

• Overdrafts and bank guarantees for select clients

• SME-loan brokerage• Loans for select clients

Cash Management & Payments

• Internet and POS acquiring • Payroll programmes• Tax and Currency Control• Customs and Logistics • ATMs• API• Cash-in and cash collection

Tinkoff Business ecosystem

Accounting and State Authorities

• Self-service accounting• Cloud accounting• Management accounting• Qualified e-signature• Legal and tax consulting

Sales Generator

• Cloud CRM • B2B trading• Call-center services• Targeting• POS lending

Start-up your business with Tinkoff

• Registration of new entities • Start-up incubator

(franchises) • University of an

entrepreneur• HR agency

1,6 1,92,2 2,0 1,8

0,60,6

0,70,6

0,6

2,22,5 2,8 2,6 2,4

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Transaction Service

SME: Strengthening our competitive advantage

CUSTOMERS (‘000)

Despite lockdown measures, our SME business showed continued growth in

customer number and fee and commission income y-o-y

We continue offering attractive terms and expanding the range of services

for SME customers to support the customer base growth

During lockdown, Tinkoff SME clients benefitted from our ability to

help them migrate to online payments, to do their accounting and

tax reporting fully online through our cloud software, to build

websites, to set up electronic documentation processes, to set up

delivery services with partners, and to provide partner-financed

credit lines to help companies through the crisis

58

FEE AND COMMISSION INCOME


484 514 535 545 565

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

39,745,3

60,250,9

57,4

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

+10%

BALANCES

Tinkoff Business: economics

NEW CUSTOMERS (‘000) CAC (₽’000)

UNIT ECONOMICS BUSINESS LINE P&L

0

20

40

60

80

0

10

20

-3 000

-2 000

-1 000

0

1 000

2 000

3 000

4 000

5 000

Fee and commission income ₽m Interest income ₽m

Interest expense ₽m Transaction and service costs ₽m

Acquisition costs ₽m Operating income ₽m

59

0

10

20

30

40


Tinkoff Investments

60


For different type of investors:

• Individual Investment Accounts

• Retail Brokerage Accounts Investor – for passive investors Trader – for active traders Premium – for affluent customers

Various investment instruments:

• Shares• ETFs• Currency exchange• Bonds• Investment life insurance

Tools:

• Roboadvisor• Analytics• Personal manager• Direct debit/credit

from/to current account• T+0

• #1 by number of newly opened accounts on MOEX (c.200k acc/mos)

• Average balance RUB285k• DAU 400k• MAU 1100k

* Management accounts

2019 snapshot

CUSTOMER ACCOUNTS (‘000) BALANCES

TRANSACTION VOLUMES FEE AND COMMISSION INCOME (₽m)

593750

1 1251 436

1 912

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

30,1 36,953,1

85,5

143,5

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

116,6307,2

519,5

1 162,3

2 157,1

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

149273

422

835

1 562

0,13% 0,09% 0,08% 0,07% 0,07%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Avg. transaction fee rate

Tinkoff Investments: economics

NEW CUSTOMERS (‘000) CAC (₽’000)

UNIT ECONOMICS BUSINESS LINE P&L

61

0

50

100

150

200

250

2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'200

1

2

3

4

5

6

7

8

2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

0,0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20


-1 000

-500

0

500

1 000

1 500

2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Revenue ₽m Service ₽m

Acquisition ₽m Operating income ₽m

Tinkoff Insurance

62

• Car insurance: OSAGO/KASKO • Travel insurance • Property insurance • Life insurance

0,0

1,0

2,0

3,0

4,0

5,0

6,0

1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

RU

B b

n

Gross written premiums*

Auto Other

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0


RU

B b

n

Segment result


Internet acquiring

63

0%

10%

20%

30%

40%

50%

60%

70%

0

20

40

60

80

100

120

140


RU

B b

n

Total turnover and breakdown*

Turnover Direct share, rs

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4

1,6

1,8

2,0


RU

B b

n

Fee and commission income


Tinkoff Investor Relations

[email protected]

https://tinkoffgroup.com/financials/presentations/

mailto:[email protected]

august 2020 investor presentation - Тинькофф Банк

Documents