SOCHI, September 25. /TASS/. Russian banks are projected to achieve substantial profits this year, around 3-4 trillion rubles ($35.9-$47.9 bln), VTB CEO Andrey Kostin said.
"If we look at our banking sector, a high level of profitability is expected this year. According to our estimates, this amounts to roughly 3-4 trillion rubles, which indicates that the banking sector is performing quite well," he said.
Kostin emphasized that banks have passed through the most challenging period. While certain difficulties remain, credit institutions are "on guard" and "maintaining full control."
The steady growth of capital in the banking sector is enabling the financing of Russia’s economy and ensuring its stable development, Bank of Russia Governor Elvira Nabiullina said. "Banking sector capital is increasing, taking into account capitalized profits after dividend payments, at an average rate of 13% per year. This provides banks with the capacity to extend credit to the economy, maintaining an average lending potential at the level of 8-12%," she said.
Nabiullina emphasized that, in the regulator’s view, this is an adequate pace of growth, one that supports the sustainable development of the economy without creating risks of overheating.