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Russian banks’ net profit down 16% in May month-on-month to $2.8 bln — Central Bank

Main profit fell by 18 bln rubles due to growth of operating expenses by around 10 bln rubles, as well as reserves

MOSCOW, June 25. /TASS/. Net profit of Russia’s banking sector decreased by 16% in May 2024 compared with April to 255 bln rubles ($2.8 bln), according to files released by the Bank of Russia.

"Actual net profit of the sector (exclusive of around 26 bln rubles worth of dividends received from Russian subsidiary banks) amounted to 255 bln rubles, which is 50 bln rubles, or 16%, lower than in April (305 bln rubles)," the Central Bank said.

Main profit fell by 18 bln rubles (-8%) due to growth of operating expenses by around 10 bln rubles, as well as reserves (by around 8 bln rubles).

The number of profit-making banks went down to 232 from 249 in April, while their share in the total number of banks - to around 73% from 78% (the total share in the sector’s assets amounted to 98% compared to around 99% in April).

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Central Bank of Russia

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