Russian banks earned a record 2.4 trillion rubles since the beginning of the year

Domestic banks earned a record 2.4 trillion rubles. net profit for the first eight months of 2023 – this corresponds to the figures for the entire 2021. About this it says in the materials of the Central Bank on the dynamics of development of the banking sector.

In August, credit institutions earned a profit of RUB 353 billion, which is 8% higher than the July result (RUB 327 billion). According to the regulator, income from foreign currency revaluation continued to remain a significant factor in profit growth against the backdrop of a weakening ruble exchange rate.

The number of profitable banks based on the results of eight months was 276 with a share of 99% in sector assets. Compared to July, in August the number of such banks remained at approximately the same level – 263 versus 265 organizations in July.

In the summer, Deputy Chairman of the Bank of Russia Olga Polyakova statedthat the profit of Russian banks at the end of 2023 may exceed the result of 2021. She noted that domestic organizations are now in a stable position and are showing good financial results.

In 2021, the profit of the Russian banking sector reached record levels – 2.37 trillion rubles. Past performance, for the first five months of 2023, showedthat the banking sector earned 1.4 trillion rubles. The profit of this sector was supported by smaller contributions to reserves and an increase in core income against the backdrop of business expansion, the Central Bank noted at the time.

Last year, the banking sector earned only 200 billion rubles. – this was the worst financial result in seven years.