The net profit of Russian banks in the first six months of 2023 amounted to a record 1.7 trillion rubles, the Central Bank reported. The profits of the organizations significantly exceeded the forecasts of the regulator, the growth of their profits was affected by the revaluation of the currency amid the weakening of the ruble.
According to the results of work in the first six months of this year, the net profit of Russian banks reached 1.7 trillion rubles, which is a record figure for the sector, the Central Bank said.
The banks’ financial result for all of 2023 will exceed the Bank of Russia’s forecast of 2 trillion rubles in net profit, said Alexander Danilov, head of the Central Bank’s Banking Regulation Department, and will also exceed the figure for 2022, when banks earned 2.4 trillion rubles.
The growth of banks’ net profits is affected by currency revaluation against the background of ruble depreciation: foreign currency assets and liabilities of banks increase in ruble terms.
By the end of 2022, Russian banks recorded a record loss of 1.5 trillion rubles in the history of the sector.
Author:
Kirill Bilyk
Source: RB
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