Western Union's income reduced by 12% last year

11:41 - 9 February 2023

February 9, Fineko/abc.az. Due to the withdrawal from the market of Russia and Belarus in 2022, the earnings of payment system Western Union decreased by 2%.

ABC.AZ reports that this is stated in company's published financial report on the results of the 4th quarter.

Company's income for entire 2022 fell by 12% against 2021 to $4.5 bn.

"The suspension of operations in Russia and Belarus had negative impact on revenues," the report says.

Company's revenues fell by about 2% because of this. Also, the revenue was affected by inflation in Argentina - by about 1%.

Western Union's earnings decreased by 15% (against Q4 of 2021) to $1.1 bn for Q4 of 2022.

"The suspension of operations in Russia and Belarus affected the results as follows: consumer-to-consumer transactions (9%), income from these operations (3%)," the report says.