VLADIVOSTOK, September 7. /TASS/. Russia’s banking sector will be loss-making this year, VTB Chief Executive Officer Andrey Kostin said at the Eastern Economic Forum (EEF) on Wednesday, adding that next year the sector might post profit.
"I think the banking sector will be definitely loss-making this year. However, next year we expect it to be profitable, not as profitable as in 2021, but we believe half of profit may be reached," he said.
Earlier, the Central Bank’s First Deputy Governor Dmitry Tulin said Russia’s banking sector sustained losses amounting to 1.5 trillion rubles ($25 bln) in January-June 2022 amid the crisis and the sanctions for the first time in seven years. Russia’s banking sector posted a record net profit of 2.4 trillion rubles ($40 bln) for 2021, whereas the banks’ stock of capital totaled 7 trillion rubles ($116 bln) as of January 1, he added.
Organized by the Roscongress Foundation, the Seventh Eastern Economic Forum is running from September 5 to September 8 in Vladivostok. TASS is the event’s general information partner and its official photohost agency. This year, the theme of the forum is: "On the Path to a Multipolar World.".