Russia’s TCS says first-quarter net profit fell, without giving figures

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Reuters UK

(Reuters) – TCS Group Holding, which runs online bank Tinkoff, Russia’s second-largest credit card issuer, said on Wednesday its net profit had fallen year-on-year and quarter-on-quarter, but declined to disclose figures. The lender, which has not been hit directly by Western sanctions, has nevertheless endured a turbulent few weeks since Russia sent tens of thousands of troops into Ukraine on Feb. 24. TCS founder Oleg Tinkov in April sold his 35% stake to a firm controlled by Russian billionaire Vladimir Potanin, soon after criticising Moscow’s actions in Ukraine. Russian authorities have all…

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