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Russian banks’ profit up five times to $10.1 bln in 9 months of 2016

October 17, 2016, 19:22 UTC+3

Last year the banks earned just $2 bln during the same period

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© Artiom Geodakyan/TASS

MOSCOW, October 17. /TASS/. Russian banks earned profit of 635 bln rubles ($10.1 bln) in January - September 2016, the Central Bank said on Monday in its banking sector growth dynamics review.

Profit of banks skyrocketed five times year-on-year. Banks earned just 127 bln rubles ($2 bln) in nine months of 2015.

Profit of banks is influenced by slowdown of risk growth in dynamics of provisions for potential losses, the regulator said. Provisions grew by 6.6% or by 358 bln rubles ($5.7 bln) from the beginning of 2016 vs. 23% or 963 bln rubles ($15.3 bln) growth in the like period of the last year.

Lending business of Russian banks contracted by 0.9% in par value in September 2016, the Central Bank said. 

Loans to non-financial organizations declined 1.3% in September. Retail loans continued demonstrating positive dynamics and rose by 0.3%. 

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