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Russian Central Bank chief expects banking sector’s profit at over $21 bln

Banks’ profit will remain positive next year even with one-off factors not taken into account, which will enable banks to boost capital, Elvira Nabiullina noted

MOSCOW, December 25. /TASS/. The Bank of Russia expects 2024 to be a profitable year for Russian lenders, with their financial result projected at over 2 trillion rubles ($21.7 bln), the regulator’s Governor Elvira Nabiullina said in an interview with RBC business daily.

"According to our estimates, the banking sector’s profit will be slightly over 2 trillion rubles next year. Their margins may go down slightly due to high rates, all the more so as high rates move quicker to deposits’ side than to the side of borrowers and creditors. Nevertheless, economic activity is developing, with positive growth rates [registered], and they (banks - TASS) will have the possibility to show profits," she said.

Banks’ profit will remain positive next year even with one-off factors not taken into account, which will enable banks to boost capital, Nabiullina added. "They have almost no other sources, external sources are closed, with profit being the main source of capital. Capital is required for crediting the economy, loans cannot be boosted without capital. This is why banks will remain profitable and they will continue crediting the economy," she noted.

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Central Bank of Russia

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