MOSCOW, September 23. /TASS/. The profits of the Russian banking sector in August increased by 42% compared to July, to 435 billion rubles ($4.6 bln), according to the Central Bank's data.
"The actual profit of the sector (minus 18 billion rubles ($194 mln) in dividends received from Russian subsidiary banks) was 435 billion rubles. This is 129 billion rubles ($1.4 bln), or 42%, higher than the result in July (306 billion rubles ($3.3 bln) minus dividends from subsidiary banks). Return on capital was 35.4% against 24.6% a month earlier," the Central Bank's data says.
Such a significant increase in profit is associated with the currency revaluation of the long open currency position (about 130 billion rubles ($1.4 bln) against 16 billion rubles ($172 mln) in July), caused by the decline in the ruble exchange rate against the euro and the dollar (by 7% and 5% in August compared to 0.9% and 0.7% in July).
"At the same time, since banks hedge a long position in unfriendly currencies with a short position in yuan, they additionally earned on the strengthening of the yuan against the dollar and the euro (by 4% and 6%, respectively)," the regulator says.
At the same time, the main profit slightly decreased (to 257 billion rubles ($2.7 bln) from 264 billion rubles ($2.8 bln)) due to an increase in deductions to reserves by 35 billion rubles $377 mln), primarily for corporate loans.
In late August, the number of profitable banks increased to 261, and their share of the total number of banks - to about 82%. The total share of profitable banks in the sector's assets since the beginning of the year remained at 98%.
Earlier, the Central Bank raised its forecast for the profit of Russian banks in 2024 from 3.1-3.6 trillion rubles ($33-38.7 bln) to 3.3-3.8 trillion rubles ($35.5-41 bln).