Page 124 - RusRPTJun24

“For the first time, the risk of credit concentration is singled out as a vulnerability, since against the backdrop of active repayment of foreign debt by the largest Russian companies the amount of their financing by Russian banks has notably increased,” the CBR said.
8.1.1 Earnings
Russian banks in April 2024 significantly increased their net profit
compared to March to RUB305bn ($3.45bn), while the sector’s profit has exceeded RUB1.2 trillion ($13.57bn) since the beginning of the year, the Bank of Russia reported.
"The net profit of the sector amounted to RUB305bn, which is RUB35bn, or 13%, higher than the result of March (270bn). At the same time, the return on capital increased to 24.5% from around 22%," the regulator said.
In January - April 2024, Russian banks received a net profit of RUB1.2 trillion ($13.54bn), the regulator said.
According to the Bank of Russia, profit growth was mainly affected by a decrease in contributions to reserves by RUB67bn ($756mn) - in March, banks formed large reserves for investments in ecosystems.
This includes:
124 RUSSIA Country Report June 2024 www.intellinews.com