Page 42 - RUSRptAug18

8.1.1 Earnings
Russia's banking sector posted RUB634bn ($10bn) pre-tax profit in January-June 2018 under Russian Accounting Standards, which represented an 18% year-on-year decline, according to data from the Central Bank of Russia (CBR) published on July 17. According to the most recent report on the sector by bne IntelliNews, after having had a terrible few years Russian banks now see recovery starting, and it is the state-owned banks that are benefitting the most. The sector's profit in June alone was estimated at RUB107bn by Uralsib Capital on July 18, while it noted that state behemoth Sberbank accounts for RUB89bn of that. "The monthly result remains volatile and depends on the banks bailed by the Fund for Banking Sector Consolidation,"
8.1.2 Loans
The corporate loan book was up 4.6% y/y in June and retail loans increased 18.9% y/y. According to Elvira Nabiullina, the expansion in the retail portfolio was mainly driven by the 22.4% y/y growth in mortgage loans.
42 RUSSIA Country Report August 2018 www.intellinews.com