Tinkoff Group Holding, Russia's leading provider of online financial and lifestyle services via its Tinkoff ecosystem, today announces its consolidated financial results for the three months and twelve months ended 31 December 2020.

Tinkoff, dual listed in London and Moscow, said total revenues grew 21% to RUB 195.8bn in FY’20 and net profit rose 22% to a record RUB 44.2bn in FY’20. Tinkoff’s return on equity (ROE) remained above 40% in 2020, as the digital ecosystem continued to deliver profitable growth. Non-credit business lines helped fuel profitability. Non-credit business lines including Tinkoff Investments brokerage platform, Tinkoff Business serving SMEs and Tinkoff Acquiring amounted to a record 37% of revenues and 37% of net profit.
Tinkoff’s total customer base expanded further, reaching 13.3 million in FY’20, compared with 10.2 million in 2019.
Oliver Hughes, CEO of Tinkoff Group, commented:
“Despite its challenges, 2020 proved to be yet another year of record profit for us – we reported net profit of RUB 44.2 billion, beating our full-year guidance. Tinkoff was quick to adjust to changing consumer preferences, which helped both our credit and non-credit business lines go from strength to strength.We retained our strong growth momentum with the total number of customers reaching 13.3 million, up from 10.2 million a year ago. This solidified Tinkoff’s position as Russia’s third largest bank by the number of active customers and its largest digital-only player in the financial sector. This puts us firmly on track to expand our customer base to more than 20 million over the next three years. Our engagement with each customer continues to deepen, with average products per customers growing from 1.3 at the end of 2019 to 1.4 at the end of 2020, despite strong growth of the customer base.
Our non-credit businesses reached new heights, underpinned by the popularity of our financial and lifestyle offering. These business lines, which include our current account Tinkoff Black, Tinkoff Investments brokerage platform, Tinkoff Business and Tinkoff Acquiring, generated RUB 73.0 billion of revenues (up 47% year-on-year and representing 37% of total revenue) and RUB 20.6 billion of profit before tax (up 2.5x YoY and representing 37% of total profit before tax). You can see this in much more detail now thanks to our new financial segmental breakdown. Tinkoff Black revenue grew by 41% year-on-year to RUB 21.2 billion. This business has become by far our largest customer acquisition channel and the locomotive of our growth.  We increased the number of total Tinkoff Black customers by 2.9 million in 2020 alone from 4.7 million to 7.5 million, and our growth is further accelerating. These customers are highly digital, highly engaged, and we have confidence that they will be using more and more of our ecosystem as time goes on.Tinkoff Investments has blasted into outer space as the brokerage platform reached another milestone of over 1.25 million total customers by the end of 2020 and generated revenues amounting to RUB 8.1 billion, an over eightfold increase. In December, Tinkoff Investment’s active customer base represented more than 60% of all active customers on the Moscow Exchange – a remarkable result.Tinkoff Business posted revenues and profit before tax of RUB 11.5 billion and RUB 5.6 billion respectively in 2020, a 17% and 71% respective increase from the previous year. We are visibly moving into the medium-sized company segment through solutions such as accounting software, tax reporting, website creators, CRM tools and much more.
Tinkoff Acquiring’s revenues and profit before tax grew to RUB 11.2 billion and RUB 2.3 billion respectively in 2020, a 33% and 79% respective increase from the previous year, as e-commerce adoption accelerated and more and more businesses looked to Tinkoff for their customer service and expertise in C2B payments.

We recently announced the launch of Tinkoff Checkout, a one-stop shop that enables companies to take care of all of their online and offline payment needs. It will combine existing Tinkoff payment technologies and new solutions, including services provided by Tinkoff’s CloudPayments.Our credit business grew despite the challenging environment: we increased the total number of customers with credit products to 6.9 million with net loans rising 14%, even as we retained our conservative approach to lending. Our share of Russia’s short-term retail credit market increased to 8.6% as of 1 January 2021, consolidating our position as the second largest player in this segment. Our ROE remained above 40% in 2020, as we continued to deliver profitable growth.’’ 

Stanislav Bliznyuk, SVP, Head of Business Development, added:
“Throughout 2020 we continued to innovate, launching new products and improving existing services. For the first time in our history, the number of non-credit product customers exceeded the number of credit product customers.
We launched Tinkoff Pro, a financial subscription that allows customers to use products and privileges of Tinkoff ecosystem and its partners on special terms. We have ambitious targets for this product to enhance retention and increase the LTV of our customers. As of the end of 2020, we already had over 150,000 Tinkoff Pro subscribers.
In 2020, Tinkoff became the largest player in the Central Bank’s Faster Payments System thanks to our continued efforts to build out support and integration in the Tinkoff ecosystem.
Tinkoff Mobile unveiled a new version 2.0 of our trailblazing voice assistant Oleg, which enables customers to create their own mobile concierge with customizable features, including the assistant’s voice and name.
Altogether these and many more innovations enabled us to increase the number of monthly active users (MAU) across our main interfaces from 6.0 mn to 9.3 mn.
I am pleased to note that our efforts were recognised by the international community. Tinkoff was named the world’s Best Consumer Digital Bank and honoured with multiple other category wins at Global Finance’s Digital Bank Awards 2020.Tinkoff was also recognised as Russia’s Best-Performing Bank Overall by The Banker magazine, which scored Tinkoff’s 2020 performance in the areas of growth, profitability, operational efficiency, asset quality, return on risk, liquidity, soundness and leverage.
Our robust performance is made possible by our deep bench of first-rate talent, attracted to Tinkoff’s unique corporate culture and its ability to foster innovation, while driving solid results. Tinkoff was recognised among Russia’s Top 3 Employers for 2020, according to Forbes.’’