The Central Bank believes that the profit of the banking sector may exceed the record of 2021
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According to the results of 2023, the profit of Russian banks may exceed the result of 2021. Olga Polyakova, deputy chairman of the regulator, said this during the Financial Congress of the Bank of Russia.
Today, banks are in a stable position and show good financial results, she stressed.
“We expect that, in general, by the end of this year, the financial result, if not at the level of 2021, then maybe even better,” explained Polyakova (TASS quote).
In 2021, the profit of the Russian banking sector reached a record level of 2.37 trillion rubles. In April, Polyakova already assumed that in 2023 banks could earn 1.9 trillion rubles. “or even more, comparable to 2021 earnings.”
For the first five months of 2023, the banking sector earned already 1.4 trillion rubles, followed from the information and analytical material of the Bank of Russia “On the development of the banking sector of the Russian Federation in May 2023”. The profit of this sector was supported by smaller deductions to reserves and the growth of basic income against the backdrop of business expansion, the Central Bank noted then. In 2022, the banking sector earned only 200 billion rubles, which was the worst financial result in seven years.
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