Russia’s TCS Third-Quarter Profit Drops 26% on Surging Bad Loans
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TCS Group Holding Plc, the Russian consumer bank that sold stock for the first time last year, said third-quarter profit slid 26 percent as problem loans surged.
Net income fell to 1.1 billion rubles ($20 million) from 1.5 billion rubles a year earlier, the Moscow-based lender said on its website today. That beat the 1.03 billion-ruble estimate of nine analysts provided by the company.