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PPF’s exit from the banking market in Russia resulted in a loss

PPF Group

5/12/2022 | 2 minutes to read

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PPF Group has reported an audited loss of EUR 318 million (*) for the first half of 2022, mainly resulting from costs associated with its exit from the Russian banking market. PPF’s telecommunications companies O2, Yettel and CETIN, media holding CME, and transport means manufacturer Škoda Group each delivered a profit in the first half of the year.

The Group’s banks and consumer finance providers operating under the Home Credit brand in Europe, Central Asia and South and Southeast Asia, also performed equally well. China remains the only market where problems persist resulting from zero-Covid restrictions.

“The loss stems from Home Credit’s withdrawal from the Russian market. In this context, it represents a statement of goodwill rather than a setback,” PPF Group CEO Jiří Šmejc said of the reported earnings. “I would therefore like to thank all the managers who led our companies throughout this period. Through their efforts and expertise, the other sectors we operate in have achieved excellent results and offset PPF’s overall loss and kept it as low as possible.”

In the last two years, the Group has carried out several key transactions, including the sale of its 40% stake in MALL Group, a 30% stake in CETIN Group (retaining a 70% majority control), and the sale of Home Credit’s Indonesian and Philippines operations, generating proceeds of more than EUR 3 billion. They are backing up the Group’s development goals and planned investments.

Key financial indicators (MEUR) as per IFRS



30 June 2022

30 June 2021

y-o-y change

Total operating income




Profit (loss)









30 June 2022

31 December 2021

year-to-date change

Total assets 



- 4.9%





Figures in brackets indicate a loss or decrease.

*Attributable to parent company holders



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