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Russian banks earned $5 bln in January-February 2020 - Central Bank

The profit of the Russian banking sector amounted to 373 bln rubles ($5 bln) in January-February of this year the Central Bank says

MOSCOW, March 22. /TASS/. Russian banks earned 373 bln rubles ($5 bln) in January-February 2021, up 10.7% in annual terms, the Bank of Russia says on Monday.

"The sector’s profit over the month [February - TASS] amounted to 168 bln rubles ($2.2 bln), being almost 20% lower than the result in January (205 bln rubles ($2.7 bln)) but a quarter higher than the average profit in 2020. The decline in profits was driven by negative currency revaluation (down 6 bln rubles ($80 mln) after +49 bln ($654.2 mln) in January) on the back of ruble rate strengthening," the Central Bank says.

The profit of the Russian banking sector amounted to 373 bln rubles ($5 bln) in January-February of this year the Central Bank says. 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 increase in sector’s assets (from 96% in January to 97%) because certain middle-size banks making losses according to January results climbed to the positive territory," the regulator adds.

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