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Russian banks’ profit for 2023 will be about $36 bln — regulator

It is noted that in the third quarter of 2023, the banking sector earned about $10.8 bln, which is higher than the result of the second quarter

MOSCOW, December 7. /TASS/. The profit of the Russian banking sector at the end of 2023 could amount to about 3.3 trillion rubles ($35.6 bln), according to data from the Bank of Russia.

"At the end of the year, a profit of about 3.2-3.4 trillion rubles is expected. The total income will be lower, since banks reflected part of the loss from the revaluation of securities (-0.4 trillion rubles ($4.3 bln) over 10 months) in capital," he said regulator

The profit of the Russian banking sector by the end of 2024 can amount to 2.1-2.6 trillion rubles ($22.7-28 bln), according to data from the Bank of Russia. According to the previous forecast, the regulator expected the banking sector to earn 1.8-2.3 trillion rubles ($19.4-24.8 bln) at the end of next year.

It is noted that in the third quarter of 2023, the banking sector earned about 1 trillion rubles ($10.8 bln), which is higher than the result of the second quarter (0.8 trillion rubles), due to the active growth of lending with the expansion of interest margins, despite the increase in rates. The net profit of the Russian banking sector in October amounted to 256 billion rubles ($2.7 bln), which is 13% lower than in September.