PRESS: Marketplaces’ banks post loss caused by rapid growth

MOSCOW, May 2 (PRIME) -- Russian marketplaces’ banks posted net losses for 2022, and the companies say that the strategy of their banks’ development stipulates a quick rise, which requires huge operating expenses, business daily Kommersant reported on Tuesday.

Yandex Bank posted a loss of 607.9 million rubles, Ozon Bank of 196.3 million rubles, Wildberries Bank of 8.9 million rubles in 2022, as calculated under International Financial Reporting Standards.

Yandex Bank’s operating expenses quintupled to 1.4 billion rubles, those of Ozon Bank rose 30% to 284.7 million rubles and of Wildberries Bank by 40% to 136.5 million rubles.

The marketplaces said they see no problems and explained the results by the fact that the banks are at the stage of active growth and they need investment.

(80.5093 rubles – U.S. $1)

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