The price of Global Depository Receipts (GDRs) of Russian banking TCS Group in London topped $100, pushing its capitalisation to over $20bn, RBC business portal wrote on August 17. TCS operates the country's only pure online bank Tinkoff.
As followed by bne IntelliNews, despite tripling in value in the last two years, analysts continue to see a "decent upside" in the shares of TCS Group.
RBC says that previously the founder of TCS Oleg Tinkov aimed at a $10bn capitalisation by 2022, the goal that had been reached in February 2021 already. Tinkov also previously saw $25bn capitalisation and 20% market share (3% currently) as possible for TCS.
In 2020 Yandex called off the $5.5bn deal to acquire Tinkoff Bank controlled by TCS. Although the market and the analysts were inspired by a possible deal, TCS was still seen as having strong standalone potential of building up the business further, and reported record-high profit and 40% ROE for 2020.
In 2021 TCS revealed its 2023 strategy, with a focus on further customer growth cross-sell, and a deep dive into technology, targeting $1bn profit and 30% ROE by 2023, which was welcomed by both institutional and retail investors.
TCS is also targeting a strong trend of retail investors flocking to the equity market in Russia, and has most recently unveiled its sustainability agenda.
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