October 14, 2016 / 6:21 AM / 10 months ago

Russia's TCS Group upgrades 2016 guidance after strong results

MOSCOW, Oct 14 (Reuters) - Russian consumer lender TCS Group upgraded its guidance for its 2016 financial results on Friday, following strong results in the second quarter of the year.

TCS now expects to make 9-10 billion roubles ($145-161 million) of net profit this year, versus prior expectations for 7-8 billion roubles. Return on equity is now seen above 35 percent compared with previous guidance of comfortably above 30 percent.

The lender also lowered its expectations for its cost of risk this year and improved its view on its net portfolio growth. ($1 = 62.2255 roubles) (Reporting by Alexander Winning; Editing by Christian Lowe)

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