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TCS Group 2023 net profit rises 3.9-fold to $884.86 mln

The Moscow Exchange announced earlier on Thursday it will begin trading shares of TCS Group on March 18

MOSCOW, March 14. /TASS/. Net profit of TCS Group holding (the parent structure of Tinkoff Bank) under the International Financial Reporting Standards (IFRS) in 2023 increased 3.9-fold compared to 2022 to 80.9 bln rubles ($884.86 mln), the company said on Thursday.

"Net profit in 2023 increased 3.9-fold compared to last year and amounted to 80.9 bln rubles (in 2022 - 20.8 bln rubles)," the statement said.

The Moscow Exchange announced earlier on Thursday it will begin trading shares of TCS Group on March 18.

At the end of February, it was reported that TCS Group registered in the special administrative region on Russia’s Russky Island in the Primorye Region. "On February 26, 2024, TCS Holding became the 70th company registered in the special administrative region on Russky Island. On January 15, 2024, the shareholders of the Cypriot TCS Group Holding Plc decided to redomicile to Russia," the statement on the website of the Far East Development Corporation.

According to Far East Development Corporation, 70 companies are already operating in the special administrative region on Russky Island with assets of more than 5.5 trillion rubles ($596.22 bln).