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Losses of Russia’s banking sector fall to $6.53 bln — Bank of Russia

Earlier, Director of the Department of Banking Regulation and Analytics at the Bank of Russia Alexander Danilov told reporters that the Russian banking sector's losses have dramatically diminished, however, the year will generally remain unprofitable for the sector

MOSCOW, December 1. /TASS/. The losses of the Russian banking sector since the beginning of July have decreased by more than three times and reached 0.4 trillion rubles ($6.53 bln) as of November 1, according to the Bank of Russia.

"The losses of the banking sector fell more than three times, from 1.5 trillion rubles as of July 1, 2022, to 0.4 trillion rubles as of November 1, 2022, thanks to improved net interest revenue and a reduction in the growth rate of extra reserve formation," the regulator said.

Earlier, Director of the Department of Banking Regulation and Analytics at the Bank of Russia Alexander Danilov told reporters that the Russian banking sector's losses have dramatically diminished, however, the year will generally remain unprofitable for the sector. "The negative result has diminished fairly considerably (over 10 months - TASS)," he said. He noted that the Bank of Russia plans to disclose the financial result of the banking sector for this year.

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Central Bank of Russia

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