The TCS Group extended the suspension of dividend payments

MOSCOW, March 15 (Reuters) – TCS Group, whose main asset is Russia’s Tinkoff Bank, has extended its dividend suspension until further notice in fiscal year 2023, the company said in a statement.

Against the backdrop of Western sanctions and geopolitics, in 2022 the TCS Group almost tripled its IFRS net profit to 20.8 billion rubles.

In November 2021, the TCS Group temporarily suspended the payment of dividends, and this decision was in effect throughout 2022 in the face of increasing market uncertainty.

“This suspension has been extended until further notice in fiscal year 2023,” the group said.

TCS Group also refrained from providing detailed earnings projections for 2023 until “there is more clarity about the overall operating environment.”

Tinkoff Bank was added to the EU sanctions list as part of the tenth package of sanctions against Russia on the anniversary of Moscow’s launch of a special operation against Ukraine. (Elena’s Factory)