The banking sector is back in shape – Kommersant
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The Russian banking sector is back in good shape and now it’s time to think about its development. This was stated by the Chairman of the Bank of Russia, Elvira Nabiullina, while discussing the principles of client-centricity of financial organizations at the “Focus on the Client” conference.
“On the one hand, banks are back in good shape and it’s time to think about development and the future. On the other hand, we see that the heads of many banks consistently declare their commitment to the values of customer centricity. This is very important for the financial market and banking sector,” said Ms. Nabiullina. The conference was broadcast on website Bank of Russia.
The head of the regulator noted that the financial market has gone a “considerable distance” to meet the client. “The banking and financial sectors are going digital. Convenient services are becoming a quality characteristic for our financial sector,” she said.
At the same time, Elvira Nabiullina emphasized that “the situation is far from ideal.” According to her, the regulator records complaints about “hidden tricks”, sales of investment products “with unclear characteristics”, as well as the imposition of services. Ms. Nabiullina pointed out that not only profit “here and now” is important, but also the creation of trust in the market and long-term consumer loyalty. All this, she said, is a necessary condition for the financial sustainability of companies and the sector.
In 2022, the Russian banking sector, against the backdrop of sanctions, made a profit of 203 billion rubles. Based on the results of 2023, the Bank of Russia awaits the profit of Russian banks is at the level of 2.9–3 trillion rubles. Since the beginning of the year, the sector has already earned 2.9 trillion rubles. Despite this, the net profit of the banking sector decreased for the second month in a row, falling below 300 billion rubles. back in September (296 billion rubles) and amounted to 256 billion in October. At the end of the past month, two large Russian banks were included in the list of unprofitable banks.
Read more in the Kommersant article. “Systemically significant losses”.
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