Russian banks extend profits in August, on track to earn a record RUB2.5 trillion this year

Russian banks extend profits in August, on track to earn a record RUB2.5 trillion this year

Russian banks earned RUB244bn in August, up slightly from the previous month, but well ahead of the RUB172bn they earned in the same month a year earlier. IF the banks keep increasing profits at this rate the CBR said the sector will earn a record RUB2.5 trillion this year. / bne IntelliNews

By bne IntelliNews September 28, 2021

Russia's banking sector's net profit in August amounted to RUB244bn ($3.3bn) with a return on capital of 26% in annual terms. The profits were 7% more than the July result of RUB229bn.

Over the first eight months of this year the bank sector profit amounted to RUB1.7 trillion ($23.5bn). If the current rate of growth in profits is maintained then the annual profits could reach a record RUB2.5 trillion, according to the Central Bank of Russia (CBR).

The number of profitable banks increased in August to 259 from 249 a month before, while the share of profitable banks in the first eight months of 2021 remains at the level of 98%, the CBR said. About 85% of the profits were received by systemically important credit institutions.

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This article is from bne IntelliNews Russia monthly country report. Sign up to receive the report to your inbox each month, which covers the slow moving macro- and micro-economic trends, the major political news and a round-up of the main sectors and corporate news. First month is free and you can unsubscribe at any time.

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