TBank Q1 2026: NII growth accelerates to 29.2% YoY, but credit provisions surge 35% cap net profit at +4.5%
TBank reported Q1 2026 net interest income of RUB 149.1 bn (+29.2% YoY), accelerating from the 21.0% YoY growth recorded in Q4 2025. Net profit rose to RUB 35.0 bn (+4.5% YoY), a sharp deceleration from the 86.2% YoY surge in the prior quarter, as loan-loss provisions jumped 35% YoY to RUB 45.5 bn.
Key YoY growth rates, Q1 2026 vs Q1 2025
What drove the result
The 29.2% NII expansion was supported by a 8% decline in interest expense (to RUB 127.0 bn), reflecting the pass-through of key-rate cuts to deposit costs. Service revenue grew 13.6% to RUB 88.4 bn, and insurance revenue rose 14.1% to RUB 22.7 bn. However, the 35% surge in ECL provisions to RUB 45.5 bn absorbed most of the operating leverage, leaving profit before tax essentially flat at RUB 44.5 bn. Tech and product-development costs increased 12% to RUB 27.9 bn, signaling continued investment.
Key figures (RUB bn)
| Metric | Q1 2025 | Q1 2026 | Change |
|---|---|---|---|
| Net interest income | 115.4 | 149.1 | +29.2% |
| Net profit | 33.5 | 35.0 | +4.5% |
| Equity | 565.7 | 719.7 | +27.2% |
| Loan loss provisions | 33.7 | 45.5 | +35.0% |
| Service revenue (fees) | 77.8 | 88.4 | +13.6% |
| Insurance revenue | 19.9 | 22.7 | +14.1% |
Outlook
The key tension is between strong NII momentum and rising credit costs. With NII growth accelerating and funding costs declining, the underlying business is robust. However, the 35% provision step-up signals a deteriorating credit cycle that will need close monitoring. No dividend or guidance update was provided in this IFRS filing. The market will focus on whether provision trends stabilize in coming quarters to allow profit growth to catch up with revenue.