MOSCOW, November 22. /TASS/. Net profits of the Russian banking sector plunged by 13% month on month to 256 bln rubles ($2.9 bln) in October 2023, the Central Bank said.

The figure declined due to negative currency revaluation amid the stronger ruble and the negative revaluation of securities as market rates are on the rise, the regulator noted.

The number of profit-making banks totaled 284 (88%) according to results of ten months of this year, with the share of 99% in sector assets.