Net profit of Russian banks reaching $17.3 bln in 5M 2023

Net profit of Russian banks reaching $17.3 bln in 5M 2023 – Central Bank

Business & Economy June 22, 2023, 20:07

According to the Central Bank, the profit of the banking sector was supported by lower deductions to reserves, as well as growth in core income against the backdrop of business expansion

MOSCOW, June 22. /TASS/. The Russian banking sector earned 1.4 trillion rubles ($17.3 bln) of net profits in January - May 2023, the Central Bank says on Thursday.

"The net profit of the sector in May stood at 273 bln rubles ($3.4 bln) (the return on capital in annual terms: 25.9%), which is almost a quarter higher than the result in April (224 bln rubles ($2.8 bln). The sector already earned 1.4 trillion rubles ($17.3 bln) over five months of 2023," the regulator said.

Profits of the banking sector were supported by smaller deductions to provisions and by the rise in primary incomes amid the business expansion, the Central Bank said. The number of profit-making banks increased to 237 in May (73% of the total number).