MOSCOW, May 28. /TASS/. Russian banks in April 2024 significantly increased their net profit compared to March to 305 bln rubles ()$3.45 bln, while the sector’s profit has exceeded 1.2 trillion rubles ($13.57 bln) since the beginning of the year, the Bank of Russia reported.

"The net profit of the sector amounted to 305 bln rubles, which is 35 bln rubles, or 13%, higher than the result of March (270 bln rubles). At the same time, the return on capital increased to 24.5% from around 22%," the regulator said.

In January - April 2024, Russian banks received a net profit of 1.2 trillion rubles ($13.54 bln), the regulator said.

According to the Bank of Russia, profit growth was mainly affected by a decrease in contributions to reserves by 67 bln rubles ($756 mln) - in March, banks formed large reserves for investments in ecosystems.