May 13, 2020 / 7:26 AM / 24 days ago

Russia's TCS Group says Q1 net profit up 26% y/y, expects slower growth in 2020

MOSCOW, May 13 (Reuters) - Russian lender TCS Group Holding said on Wednesday its first-quarter net profit rose 26% year on year to 9 billion roubles ($122.56 million) and that it expected to remain profitable this year despite slower growth.

TCS, the parent company of Tinkoff Bank, added that it was withdrawing its 2020 guidance because of the uncertainty surrounding the coronavirus pandemic and that it would not issue a new one for this year unless market conditions stabilised. ($1 = 73.4310 roubles) (Reporting by Maria Kiselyova and Tatiana Voronova; Writing by Gabrielle Tétrault-Farber; Editing by Tom Balmforth)

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