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Bank of Russia does not rule our lower profits of banks in 2022

At the end of 2021, the regulator forecasts a record profit for the banking sector of around $35.75 bln

MOSCOW, October 25. /TASS/. The Bank of Russia believes it is possible that the banking sector's profit in 2022 will be worse than this year's results, Director of the regulator’s Banking Supervision Support Department Alexander Danilov said at a briefing.

At the end of 2021, the regulator forecasts a record profit for the banking sector of around 2.5 trillion rubles ($35.75 bln).

"We will make [a profit forecast for 2022] in the fourth quarter when the situation clears up a little," he said, adding "So far, it looks like next year should also be quite good. Perhaps there will be a slight decline in margin. Perhaps the result will be worse than this year. But we need to estimate using the numbers, in the fourth quarter we will make a more accurate forecast," Danilov said.

In January-September 2021, the net profit of Russian banks rose by 65% year-on-year and reached 1.9 trillion rubles ($27.15 bln), the Bank of Russia said.

The sector's net profit in September reached 196 bln rubles ($2.8 bln), which is almost 20% lower than in August - 244 bln rubles ($3.5 bln). According to the regulator, the decline was due to a negative revaluation of securities (mainly OFZs) against the background of an increased key rate.

Net interest and fee and commission income, which in January-September 2021 increased by 15 and 23%, respectively, against the backdrop of active lending, also supported the banking sector’s profit.

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