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Net profit of Russian banks in Jan-July almost doubles — Central Bank

The profit growth among other things is attributed to the restoration of reserves because of bad debt resale, the regulator explained

MOSCOW, August 19. /TASS/. Russian banks in January - July 2021 earned 1.429 trillion rubles, net profit, which is almost twice the result of the same period in 2020 (761 billion rubles), follows from the materials of the Central Bank.

In July, Russian banks received 229 bln rubles, net profit, which is 13% higher than the June results (204 bln rubles) "The profit growth among other things is attributed to the restoration of reserves because of bad debt resale," the Central Bank explained.

The number of profitable banks went up from 237 to 249 in just over a month. More than 85% of profit was received by important credit institutions. The Central Bank said in its forecast that by the end of 2021, Russia's baking sector profit may exceed 2 trillion rubles.

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Central Bank of Russia

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