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8.1.1 Earnings
Russian banks made a combined RUB776bn in net profit in the first seven months of the year , down more than 15.7% y/y after a state bailout of troubled lenders, the central bank said on August 14.
The bank sector is returning to profitability and made RUB142bn in July,
the same as in the same month last year but ahead of the RUB96bn they made in July a year before that.
Apart from March this year, Russian banks have been making less money than last year as the economic recovery fails to gather momentum. The sector would have made RUB1 trillion in net profit for the January-July period had it not provided the assistance to several lenders, the central bank said. After three years of profits the sector made a massive RUB322bn loss in September 2017 from the collapse of several leading commercial banks, a shock that the sector has yet to fully recover from.
61 RUSSIA Country Report September 2018 www.intellinews.com
