T-Technologies, formerly Tinkoff Bank and now the Russian technology group developing a financial and lifestyle ecosystem, reported a sharp increase in revenue and profits for the second quarter and first half of 2025, driven by strong customer growth, increased transactional activity and continued integration of artificial intelligence across its services, the company said in a press release on August 21.

In the three months ended on June 30, revenue rose by 83% year-on-year to RUB354bn ($3.82bn), while net profit nearly doubled to RUB46.7bn ($505mn). Operating net profit attributable to shareholders, excluding the effects of an investment in IPJSC Yandex, rose 77% to RUB41.6bn ($450mn), the company said in a statement published on August 21.

The number of customers increased by 16% over the same period to 51.4mn, including 44.1mn banking and lifestyle clients, 10.5mn investment customers and 1.6mn SME users. Active customer numbers rose 11% year-on-year to 33.5mn.

“We are now serving over 51mn customers, who, over the past six months, made purchases totalling over RUB4.7tn and entrusted us with RUB5.7tn,” said Stanislav Bliznyuk, President of T-Technologies. “While our shares in key markets... continue to grow, we still have significant potential to further grow and scale our business.”

The company said its AI initiatives, including the deployment of its proprietary large language model T-Pro 2.0, had led to measurable efficiency gains. Support response speed and quality improved by 10%, while automated processing of customer requests increased from 40% to 45%. The firm also cited higher user engagement from new AI-driven travel and investment assistants.

In 2Q 2025, net interest income rose 59% to RUB123.3bn, while net fee and commission income grew by 41% to RUB34bn. Total operating income rose 60% to RUB183bn. The company’s return on equity for the quarter stood at 28.4%.

The Board of Directors recommended a dividend of RUB35 per share based on second-quarter results. “Effective business growth and shareholder returns remain the focus of both the Board of Directors and management,” said Alexey Malinovsky, Chairman of the Board.

Operating expenses rose 47% year-on-year to RUB88bn, reflecting investments in IT, integration of Rosbank, and platform expansion. As of June 30, total assets had grown 85% year-on-year to RUB5.3tn, while total equity more than doubled to RUB726bn.

The Group confirmed its full-year 2025 guidance of at least 40% growth in operating net profit and a return on equity above 30%.

1. KEY OPERATING METRICS

T Ecosystem	2Q 2025	2Q 2024	∆	1Q 2025	∆
Total customers, mn	51.4	44.5	16%	50.0	3%
Active customers, mn	33.5	30.3	11%	33.0	2%
Monthly active users (MAU), mn	33.5	30.3	11%	33.1	1%
Daily active users (DAU), mn	15.5	14.1	10%	15.6	-1%
Source: T-Technologies

2. OVERVIEW OF FINANCIAL AND OPERATING PERFORMANCE

RUB bn	2Q 2025	2Q 2024	∆	1Q 2025	∆	1H 2025	1H 2024	∆
Interest income	263.4	132.6	99%	256.0	3%	519.5	246.1	2.1x
Interest expense	-136.1	-52.5	2.6x	-137.3	-1%	-273.4	-90.8	3.0x
Net interest income	123.3	77.7	59%	114.8	7%	238.1	150.9	58%
Net interest income after provisions	77.2	54.8	41%	81.1	-5%	158.3	106.8	48%
Fee and commission Income	56.0	42.2	33%	51.0	10%	106.9	76.4	40%
Fee and commission expense	-22.0	-18.1	21%	-20.9	5%	-42.9	-34.0	26%
Net fee and commission income	34.0	24.0	41%	30.0	13%	64.0	42.4	51%
Total operating expenses	-87.9	-59.8	47%	-80.6	9%	-168.5	-114.8	47%
Profit before tax	62.0	29.6	2.1x	44.7	39%	106.7	57.9	84%
Net profit	46.7	23.5	99%	33.5	40%	80.2	45.7	75%
Net profit attributable to shareholders	42.5	23.4	81%	33.3	28%	75.7	45.7	66%
Operating net profit*	41.6	23.4	77%	33.3	25%	74.9	45.7	64%
Source: T-Technologies

*  Attributable to shareholders, excluding the effects of the investment in IPJSC Yandex

Ratios	2Q 2025	2Q 2024	∆	1Q 2025	∆	1H  2025	1H 2024	∆
Return on equity	28.9%	32.7%	-3.8 p.p.	24.6%	4.3 p.p.	26.5%	32.0%	-5.5 p.p.
Return on equity attributable to shareholders	28.8%	32.6%	-3.8 p.p.	24.5%	4.3 p.p.	26.9%	32.0%	-5.1 p.p.
Operating return on equity (ROE)*	28.4%	32.6%	-4.2 p.p.	24.5%	3.9 p.p.	26.6%	32.0%	-5.4 p.p.
Net interest margin	10.8%	12.5%	-1.7 p.p.	10.3%	0.5 p.p.	10.4%	12.9%	-2.5 p.p.
Cost of risk	6.7%	7.5%	-0.8 p.p.	5.2%	1.5 p.p.	5.9%	7.5%	-1.6 p.p.
Source: T-Technologies

* Attributable to shareholders, excluding the effects of the investment in IPJSC Yandex

 

RUB bn	30 June 2025	31 March 2025	∆	31 December 2024	∆	30 June 2024	∆
Total assets	5,326	4,731	13%	5,118	4%	2,884	85%
Net loans and advances to customers	2,774	2,533	10%	2,537	9%	1,190	2.3x
Cash and cash equivalents	975	1,001	-3%	1,427	-32%	924	6%
Total liabilities	4,601	4,164	10%	4,597	0%	2,588	78%
Customer accounts	4,000	3,711	8%	4,010	0%	2,292	75%
Total equity	726	568	28%	521	39%	296	2.5x
Total equity attributable to shareholders	613	566	8%	520	18.0%	296	2.1x
Total equity attributable to shareholders, excluding the effects of the investment in Yandex	606	566	7%	520	17%	296	2.1x
Source: T-Technologies

 

Ratios	30 June 2025	31 March 2025	∆	31 December 2024	∆	30 June 2024	∆
Share of NPLs	6.5%	6.6%	-0.1 p.p.	5.8%	0.7 p.p.	9.3%	-2.8 p.p.
Tier 1 capital ratio	14.0%	13.1%	0.9 p.p.	12.8%	1.2 p.p.	14.3%	-0.3 p.p.
Total capital ratio	14.0%	13.1%	0.9 p.p.	12.8%	1.2 p.p.	14.3%	-0.3 p.p.
Source: T-Technologies

RUB bn	2Q 2025	2Q 2024	∆	1Q 2025	∆	1H 2025	1H 2024	∆
Net profit	46.7	23.5	99%	33.5	40%	80.2	45.7	75%
Non-controlling interest	4.3	0.0	-/-	0.2	-/-	4.5	0.0	-/-
Net profit attributable to shareholders	42.5	23.4	81%	33.3	28%	75.7	45.7	66%
Income from the revaluation of Yandex, net of tax	2.1	-/-	-/-	-/-	-/-	2.1	-/-	-/-
Interest expense on borrowings, net of tax	-1.3	-/-	-/-	-/-	-/-	-1.3	-/-	-/-
Operating net profit*	41.6	23.4	77%	33.3	25%	74.9	45.7	64%
Source: T-Technologies

* Attributable to shareholders, excluding the effects of the investment in IPJSC Yandex