Page 89 - RusRPTMay21

Against the background of the increased emission activity of the Ministry of Finance of Russia, banks increased the volume of investments in OFZ. Foreign investors into the bond market have been spooked by sanction worries and the Russian state-owned banks has stepped into the breech and massively increased their purchases of OFZs.
On the funding side, clients' funds, especially corporate, were down. However, there was an inflow of public funds, which was probably connected with a temporary placing funds received from tax revenues, as well as receiving cash funds within the framework of auctions for the placement of OFZ.
8.1.1 Earnings
The sector's net profit for the month amounted to RUB205bn, which is 22% higher than in February.
As the CBR has repeatedly noted in its forecasts and estimates, a sharp decline in profits due to the abolition of concessions regarding the formation of reserves for large corporate loans it did not happen, since the banks created reserves in advance of the change.
89 RUSSIA Country Report May 2021 www.intellinews.com