Page 89 - RusRPTNov21

The decrease was due, among other things, to the negative revaluation of securities (mainly OFZ) against the background of the growth in the key rate.
Cumulatively in the first nine months of this year, the banking sector has earned almost RUB1.9 trillion, a 65% gain on the same period a year earlier,
The growth in the sector's profit was primarily due to restrained spending on reserves, which has been almost three times lower than in the first nine months of 2020.
In addition, one-off factors also had an impact, including partial release of reserves as a result of sale of bad debts by one large borrower in July.
Also supporting growing profits was the growth in net interest, fee and commission income, which for nine months of 2021 increased by 15% and 23% respectively, due to the recovery of the lending business.
The number of profitable banks decreased over the month of September to 244 from 259, however, following the results of nine months the share of profitable banks in the sector's assets is 99%. Systemically important credit institutions earned about 85% of the profit for nine months of 2021.
89 RUSSIA Country Report November 2021 www.intellinews.com