Russian Financial Control Monitor

MOSCOW. TCS Bank, controlled by businessman Oleg Tinkov, has increased its net profit under IFRS 52% in the first six months of 2013 year on year, to $79.3mn from $52.3mn, the bank’s press service said. Its net interest revenues surged 89.7%, to $393.6mn from $207.5mn. The loan portfolio after deductions to loan loss reserves grew 24% in January-June and reached $1.95bn. Clients’ funds in the specified period were up 11% to $977.3mn. Tinkoff Credit Systems is a leading provider of online financial services in Russia.

MOSCOW. In January-August 2013, Russia’s consolidated budget received RUR7.3tn ($223bn, or €168bn) worth of taxes or 0.6% more than in the same period of 2012, Federal Tax Service head Mikhail Mishustin said at an expanded board meeting. Tax deductions to the federal budget’ totalled RUR3.4tn ($104bn, or €78.2bn), up 1.1%. Tax collection was affected by the slowdown in the GDP growth rate to 1.4% in January-June 2013 from 4.5% in the first half of 2012, Mishustin said. Notably, revenues have declined for taxes that are directly related to companies’ performance and prices on global markets, i.e. the VAT and the mineral extraction tax.

2023-10-08 11:42:18