Page 74 - RusRPTApr20

Sberbank earned RUB80bn (annualised ROAE of 22%), accounting for 41% of sector profit, and sound profits were also reported by Alfa-bank (RUB23bn, 66%, underpinned by foreign-currency gains). Also in January, banks recognised about RUB68bn of negative adjustments to past profits (about 5% of sector core profit for 2019).
Russian banks could see 20-25% profit decline due to the coronavirus epidemic and low oil prices in 2020, RBC business daily reported on March 15 citing the report by Ekspert RA rating agency. In 2019 Russian banks made a record-high profit of RUB1.9tn ($257bn), or RUB1.6tn adjusted for the positive revaluation effects of the IFRS-9 standards introduction in the sector. The rating agency expects the net profit to decline to RUB1.2-1.3tn in 2020.
74 RUSSIA Country Report April 2020 www.intellinews.com