Russian banks have increased their net profit

ECD1 / TCO1

Russian banks made 258 billion rubles of net profit (3.09 billion euros) this year, 1.5 times more than the previous year’s result and 1.3 times less than December’s profit.

Since February last year, the Central Bank of Russia had suspended the publication of Russian banks’ monthly profits. The banking regulator resumed this practice last December.

In January 2019, the profit of the Russian banking sector amounted to 264 billion rubles. The figures for January 2023 are almost equivalent to those for the same period in 2019, before Western sanctions in 2020, 2021 and 2022.

In January 2023, the Russian banking sector’s profit was boosted by the operating result: net interest and fee income increased by 26 percent and 16 percent year-on-year.

In January, the cost of risk on loans stood at around 1 percent, below the historical average of 2 percent. Russian banks have managed to overcome the shock of…

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