Page 61 - RusRPTAug19

8.1 Bank sector overview
The recovery of the Russian banking sector continues to gather momentum and profits are well ahead of previous years. However, while Sberbank saw profits up by 16% in the second quarter, the result was disappointing and represents a slowing somewhat in the pace of recovery. Analysts believe as the spending on the national programmes picks up in the 2H19 so will profits.
8.1.1 Earnings
Russian bank sector earnings for 6m19 came in at RUB1,005bn versus RUB634bn in 6m18. Monthly banks made a healthy RUB138bn in June. All-in- all bank profits are up about 38% year-on-year and the sector is on course to have its most profitable year in the last five years.
61 RUSSIA Country Report August 2019 www.intellinews.com