Russian banks in the first half of the year received record fee and commission income for three years – 892 billion rubles.
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The Russian banking sector in the first half of the year increased fee and commission income to a record for three years, more than 890 billion rubles. This was facilitated by the growth of business, the transfer of clients between credit institutions, as well as activity in transfers, including cross-border ones. Experts note that future fee and commission income depends on what risks market participants will include in the tariffs. An increase in the limit of free transfers can reduce income.
According to the Central Bank and Kommersant’s calculations, in January-June, Russian banks received a record amount of net fee and commission income for three years – 892 billion rubles. This is 26% more than in the first half of 2021 (individual banks did not disclose their statements for the previous year).
As follows from the analysis of “Kommersant” reporting of credit institutions under RAS, for two years among the leaders of the segment in terms of gross commission income, there have been noticeable changes.
In particular, Alfa-Bank (RUB 103 billion in fees) took second place after Sberbank (RUB 446.45 billion), displacing VTB (RUB 85.1 billion), whose revenues fell year-on-year compared to 2021 by 22%.
Of the top 15 in terms of growth, the leaders were NPO Mobile Card (income growth by 3.3 times, to RUB 20.6 billion), Raiffeisenbank (by 2.5 times, to RUB 43.3 billion), MKB ( growth by 2.1 times, up to 12.6 billion rubles). Sovcombank also has high dynamics (growth by 1.7 times, to 28 billion rubles) and Tinkoff Bank (by 1.6 times, to 94 billion rubles). PSB (does not disclose detailed financial statements) speaks of a 44.5% increase in fee and commission income.
In addition to VTB, a decrease in fee and commission income was demonstrated by the RSHB (by 12.7%, to 11.8 billion rubles), FC Otkritie (by 8.8%, to 23.3 billion rubles), Kiwi Bank (by 3% , up to 15.4 billion rubles).
In the NPO Mobile Card, in addition to being appointed in the fall of 2021 as a single center for accounting and transferring bets (before that there were two centers, the second was Qiwi Bank), the increase in commissions is associated with the “organic growth of the betting market”. The PSB pointed to the growth of the client base and transaction activity of clients, especially in the SME segment. The IBC notes “an increase in commission income due to the development of documentary operations: an increase in commissions for issuing bank guarantees and opening letters of credit.”
Compared to pre-crisis periods, banks have significantly increased commissions for settlement and cash services and money transfers, experts add.
In particular, 2022 was a record year for cross-border capital outflows, and high volumes of transfers continued this year.
In February-June 2023, the foreign currency funds of the population, according to the Central Bank, decreased by $9.3 billion. And according to the regulator, among the possible reasons, including transfers of funds abroad. “The owners of this capital had to pay serious commissions for its withdrawal, not to mention their conversion costs, which banks spend on other income items,” says Yuri Belikov, managing director for validation at Expert RA. Corporate clients, taking into account sanctions restrictions and the development of new geographical areas of foreign economic activity, could change servicing banks, which in some cases increased commission costs, Mr. Belikov notes.
According to the head of the FBK Internal Audit and Risk Management Department, Roman Kenigsberg, in the future, banks’ commission income will be determined by the risks included in the tariffs.
“These risks are associated with payments, with the ability to manage the currency position, with the impact of sanctions. The growth of tariffs reduces the demand for relevant services and their importance in the overall structure of banking income in the future,” the expert says.
In addition, Mr. Koenigsberg admits, an increase in the limits of free transfers, including those using the SBP, can lead to a decrease in certain types of commission income. In particular, recently the State Duma adopted a law on increasing the limit of transfers to oneself without a commission to 30 million rubles. per month. At the same time, historically, as a rule, incomes in the second half of the year are higher than in the first. In particular, in previous years, income in the second half of the year exceeded income in the first by 15-30%, and this year, according to experts, is unlikely to be an exception.
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