Page 62 - RusRPTMay19

8.1 Bank sector overview
The combined net profit of Russian banks soared to RUB587bn in January-March from RUB353bn in the same period of 2018, the central bank said in a report on April 16, as the sector recovery continues.
8.1.1 Earnings
The combined net profit of Russian banks soared to RUB587bn rubles in January –March from RUB353bn rubles in the same period of 2018, the central bank said in a report on April 16.
The level of banking sector profit in March was almost the same as that a year earlier when the aggregate profit of the sector was RUB236bn, just RUB2bn more than this year for the month of March. However, the profit this year was twice the level of profit in 2017 and ten-times the level of profit in 2016.
The profit for the sector in February this year was RUB89, twice the level of a year earlier but on a par with the level of profit in 2017.
In 2018 the sector’s profit was RUB1.3 trillion, but if the loses from the impaired banks that the CBR took over in 2017 are counted out then the sector’s profit would be RUB1.9 trillion. The Russian banking sector is returning to health and is expected to continue to recover this year.
The Central Bank of Russia (CBR) report said that 373 banks posted a net profit of RUB654bn rubles and 93 a net loss of RUB67bn rubles.
62 RUSSIA Country Report May 2019 www.intellinews.com