MOSCOW, January 27. /TASS/. Russian banks managed to offset notable losses of the first half of 2022 by the end of last year, earning profit worth 203 bln rubles ($2.9 bln), while in December the Russian banking sector’s profit amounted to 342 bln rubles ($4.9 bln), a three-fold increase year-on-year, the Central Bank reported on Friday.

"In December, banks earned profit worth 342 bln rubles (111 bln rubles in 2021), including through currency revaluation due to the ruble’s weakening. Meanwhile the banking sector managed to offset 1.5 trillion rubles worth of loss worth posted in the first half of the year by the end of 2022 and earn 203 bln rubles worth of profit," the regulator said.

The result was particularly due to a gradual recovery of main revenues amid lower rates and business growth in the second half of the year.

That said, not all banks managed to fully offset the losses of the beginning of the year, with some players posting major losses by the end of 2022, according to the regulator.