Page 61 - bne IntelliNews monthly country report Russia February 2024
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8.0 Financial & capital markets 8.1 Bank sector overview
8.1.1 Earnings
In November, the net profit amounted to 268 billion rubles, maintaining a profitability of around 23% on an annual basis, consistent with the October result of 256 billion rubles.
The core profit before reserves remained at the October level, approximately 387 billion rubles, while reserves increased to 145 billion rubles. This growth was attributed to one-time factors, as banks replenished reserves for other assets while significantly reducing reserve expenses for loans (down to 60 billion rubles compared to 100 billion rubles in October) due to the partial recovery of reserves for major problematic debt following restructuring.
Volatile incomes played a supportive role, as banks reduced losses from the revaluation of securities and currency revaluation due to the strengthening ruble (up by 4.9% in November).
61 RUSSIA Country Report February 2024 www.intellinews.com
