Page 72 - RusRPTFeb22

Rb91.7bn in December (-7% y/y; +42% m/m). CIR improved to 30.1% for 2021 (-0.3 p.p. y/y) and 36.5% for 4q21 (-5.1 p.p.) as well as 45% in December (-10.4 p.p. y/y; +12.6 p.p. m/m) – given stronger operating incomes growth.
Sberbank announced the 100% acquisition of Stockmann. Stockmann is a fashion retailer in the medium and premium segments. Sberbank and the owner of Stockmann (Russia) Iakov Panchenko intend to sign a binding agreement for Sberbank to acquire 100% of Stockmann in 1H22 after full diligence and necessary approvals. Stockmann features over 600 brands with 12 offline stores in Russia. An online store was launched in 2018 with 1.5mn MAU. Stockmann may supplement SberMegaMarket in strengthening the company’s positions in fashion, increasing GMV and providing new opportunities for the segment’s developments. No financial terms have been disclosed, but Stockmann saw Rb10bn turnover in 2021.
8.1.8 Bank news
Tinkoff’s customer base continued to expand, while asset quality has remained "healthy". Tinkoff Investments has seen higher customer activity this month due to the volatility in markets.
TCS Group released an investor update after COB on Friday, 21 January. Below are our key takeaways from the release.
TCS Group’s customer base has continued to grow rapidly.
The total number of Tinkoff’s customers reached 20mn in January (vs. 18.5mn in 3Q21), while the number of active customers “nears” 15mn (vs. 12.8mn in 3Q21).
The number of users of the Tinkoff Pro subscription service has risen c. 50% since 3Q21, surpassing 1.5mn.
The number of active users of Tinkoff Black “nears” 10mn this month (vs. 8mn in September 2021).
Asset quality indicators remained “healthy and in line with TCS Group’s expectations”.
This month, Tinkoff Investments has seen higher customer activity due to the volatility in markets, which is a positive cross-read for MOEX.
TCS Group’s bank license application in the Philippines has not yet been approved by the regulator.
72 RUSSIA Country Report February 2022 www.intellinews.com