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8.0 Financial & capital markets 8.1 Bank sector overview
In February, as expected, there was a recovery in corporate and retail lending after a seasonally low pace in January. In addition, the volume of deposits with the Bank of Russia amid a reduction in loans to banks.
Deposit growth resumed from the funds of legal persons and states after the seasonal January outflow. At the same time, the banks almost completely repaid the debt to the CBR on repo transactions and reduced their borrowings from other banks.
Profit was noticeably lower in February than in January, but mainly due to negative foreign exchange revaluation against the background of the strengthening of the ruble exchange rate.
8.1.1 Earnings
The sector's profit for the month amounted to RUB168bn, which is almost 20% lower than the January result, but a quarter higher than the average profit for 2020.
89 RUSSIA Country Report April 2021 www.intellinews.com
