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Fintech
August/September 2018 www.intellinews.com I Page 14
2018), while its payment volumes jumped 37% q/q and 913% y/y to RUB3.2bn. Sovest's adjusted net loss totalled RUB702mn (roughly flat q/q).
Tochka Bank's revenues reached RUB597mn (up RUB420mn versus the first quarter of 2018). The bank's net adjusted loss widened to RUB263mn from RUB153mn in the first quarter of 2018.
Adjusted net income of RUB872mn was down 19% y/y and came in 14% below the consensus. This was due to the increased losses of Sovest and Tochka Bank and a RUB413mn loss in the corpo- rate segment. The latter loss expanded 123% y/y and 39% q/q and was attributable to Rocketbank- related expenses; excluding these, it would have been about flat y/y.
QIWI confirmed that it had reached a final agreement with Otkritie FC Bank with regard to Rocketbank.
QIWI upgraded its 2018 revenue guidance and now expects adjusted net revenue growth of 26- 32% (we project 26.5%), payment services net revenue growth of 18-22% and payment services net income growth of 12-17%. It now anticipates adjusted net income to drop 15-25%.
“This represents 25% downside to our estimate, or about RUB1.2bn. This includes incremen-
tal expenses of RUB500mn for Rocketbank and RUB600mn for Tochka in the second half of 2018, according to QIWI,” Sberbank CIB said in a note.
“We regard the results and guidance as rather posi- tive and in line with expectations on an LFL basis (excluding the effect of Rocketbank and additional expected investment in Tochka Bank). We see Tochka Bank and Rocketbank as interesting products, while we believe that the current investments will ulti- mately pay off over the medium term (QIWI is guiding that Tochka will break even in 2019),” Sberbank said.
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