OREANDA-NEWS  Qiwi recognized an impairment loss of 14.4 billion rubles from the sold Russian assets by the end of 2023, in 2024 it forecasts a loss of another 22.7 billion rubles from the disposal of these assets, according to a press release from the company.

"As of December 31, 2023, the company recognized an impairment loss in the amount of 14.4 billion rubles (US$160.6 million) as a result of the write-off of non-current assets of Russian subsidiaries, representing an impairment loss applied to the carrying amount... An additional estimated loss from the disposal of assets of Russian subsidiaries in the amount of 22.7 billion rubles will be recognized in 2024," the statement said.

In January 2024, the Qiwi Group announced the sale of Russian assets consolidated under JSC Kiwi (which included Kiwi Bank) to the Hong Kong company Fusion Factor Fintech Limited, which belongs to the former chief executive officer of Qiwi plc Andrey Protopopov. The transaction price is 23.75 billion rubles.

On February 21, the Bank of Russia revoked the license of Kiwi Bank, which ranked 89th in the Russian banking system in terms of assets. According to the Central Bank, the bank systematically committed violations of anti-money laundering legislation.

According to the report, Qiwi plc increased its net revenue by 87% in 2023. Adjusted net profit amounted to 1.3 billion rubles, adjusted net profit margin - 44.4%. The net revenue of the payment segment increased by 91% to 2.65 billion rubles. The adjusted net profit of the Russian contour amounted to 14 billion rubles, a decrease of 11.1% year-on-year.