Russian banks profits up 10% y/y to $5bn in January-February 2021

Russian banks profits up 10% y/y to $5bn in January-February 2021
Russian banks earned RUB373bn ($5bn) in January-February 2021, up 10.7% in annual terms, the CBR said on March 22. / bne IntelliNews
By bne IntelliNews March 23, 2021

Russian banks earned RUB373bn ($5bn) in January-February 2021, up 10.7% in annual terms, the CBR said on March 22.

"The sector’s profit over [in February] amounted to RUB168bn ($2.2bn), being almost 20% lower than the result in January (RUB205bn ($2.7bn)) but a quarter higher than the average profit in 2020. The decline in profits was driven by negative currency revaluation (down RUB6bn ($80mn) after +RUB49bn ($654.2mn) in January) on the back of ruble rate strengthening," the CBR said in a statement as cited by Tass.

The share of profit-making banks declined in February from 275 to 233, largely due to the negative currency revaluation.

"Nevertheless, the share of banks earning profits according to results of two months of 2021 has even slightly increased in sector’s assets (from 96% in January to 97%) because [of] certain middle-size banks making losses according to January results climbed to the positive territory," the regulator adds.

 

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