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This year won’t be easy for Russian banks — Central Bank’s deputy chief

March 14, 2016, 10:28 UTC+3

Russian banks will be able to rebuild capital using yuan-nominated funds

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© Sergei Fadeichev/TASS

GENEVA, March 14. /TASS/. The current year won’t be easy for Russian banks but there are no grounds for problematic situations, Deputy Chief of Russia’s Central Bank Mikhail Sukhov told reporters on the sidelines of the Russian Economic and Financial Forum in Switzerland.

"In general, I think it will be difficult but there are no serious grounds for problematic situations. The year won’t be easy but I think that managing banks in a difficult situation is not less important than managing them in a period when the market situation is favorable," he said.

According to Sukhov, Russian banks will be able to rebuild capital using yuan-nominated funds.

"There’s been no effort to artificially stimulate payments in other currencies, we’ve just expanded the list of currencies for paying (contribution to capital). This is not an artificial measure, it just spares discomfort of Chinese investors who want to invest in yuan," he said.

The official noted that the profit of Russian banks totaled 83 bln rubles ($1.2 bln) in January-February and may reach 100 bln rubles ($1.4 bln) by the end of the first quarter.

"The net profit for January-February amounted to 83 billion rubles. This profit was obtained not only by our largest bank, and the banking sector (in general) also was profitable for the first time recently. In December and at the beginning of this year, the profitability of banks began to recover. I think that in the first quarter earnings will exceed 100 billion rubles. As for annual forecasts, we should be careful with them, but I think that the figure of 400 billion rubles is quite real, "- Sukhov said.

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