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Net profit of Russian banks reaches $28.13 bln in 9M 2023 — Bank of Russia

The number of profitable banks, according to the regulator, decreased slightly compared to August, standing at 248 or 77% of the total

MOSCOW, October 20. /TASS/. The net profit of the Russian banking sector for the first nine months of 2023 reached 2.7 trillion rubles ($28.13 bln) and in September credit institutions earned 296 bln rubles ($3.09 bln), according to the Bank of Russia materials.

"The sector has earned 2.7 trillion rubles since the beginning of the year, but 0.6 trillion rubles was due to currency revaluation. The sector's net profit in September was 296 bln rubles (annual return on equity of around 26%), 16% lower than the August figure (353 bln rubles), owing primarily to a decrease in revenue from currency revaluation (to 8 bln rubles from 106 bln rubles in August)," the regulator said.

The number of profitable banks, according to the regulator, decreased slightly compared to August (248 or 77% of the total, in August 263 and 81%, respectively). At the end of nine months of 2023, there were 282 such banks (87%) with a 99% share of sector assets.

In early September, Sberbank reported a record profit for the eight months of 2023 according to Russian accounting standards in the amount of 999 bln rubles ($10.46 bln).

Earlier, the head of the Bank of Russia, Elvira Nabiullina, stated that the profit of Russian banks at the end of 2023 could reach up to 3 trillion rubles ($31.4 bln). According to the Bank of Russia, the profit of the Russian banking sector for the eight months of 2023 reached 2.4 trillion rubles ($25.12 bln), which corresponds to the results of the entire 2021.

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