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  8.1.1​ Earnings
       Banking sector net profit reached RUB1.7tn in 2019 after banks earned RUB166bn in December​. As the chart shows banks have returned to profit and had their best year in the last five years. The crisis in the bank sector is over and they are now on the path to sustainable growth.
However, adjusted for the RUB0.4tn of adjustments after the introduction of IFRS 9, it was only RUB1.3tn or down 11% from the FY18 earnings of RUB1.5tn (adjusted for one​off provision charges made by banks under sanitization). As a result, underlying ROE of 14.4% is significantly lower than the reported ROE of 18.9% and Sberbank’s RAS 21.1% ROE.
 58​ RUSSIA Country Report​ February 2020 ​ ​www.intellinews.com
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