Page 62 - bne IntelliNews monthly country report Russia February 2024

Year-to-date, the sector has earned 3.2 trillion rubles. However, the overall income will be lower by approximately 0.3 trillion rubles due to the negative revaluation of federal loan bonds directly through capital, bypassing profits.
The number of profitable banks decreased by 6 to 253, constituting 78% of their total number (compared to 259, or 80%, in October). As of the end of November 2023, the count of profitable banks reached 285 (88%), accounting for 99% of the sector's assets.
The Russian banking system will earn more than three trillion rubles in 2023, President Vladimir Putin said at the meeting with Crown Prince and Minister of Culture, Youth and Sports of the Sultanate of Oman Theyazin bin Haitham Al Said.
"Our banking system will earn slightly more than three trillion rubles this year. They will gain back everything they lost in the last year, plus they will earn profit," the head of state said.
Promising areas for the bilateral cooperation between the two countries will definitely be found during the Crown Prince’s visit to Moscow, the Russian leader added.
The profit of the Russian banking sector by the end of 2024 can amount to 2.1-2.6 trillion rubles ($22.7-28bn), according to data from the Bank of Russia. According to the previous forecast, the regulator expected the banking sector to earn 1.8-2.3 trillion rubles ($19.4-24.8bn) at the end of next year.
It is noted that in the third quarter of 2023, the banking sector earned about 1 trillion rubles ($10.8bn), which is higher than the result of the second quarter (0.8 trillion rubles), due to the active growth of lending with the expansion of interest margins, despite the increase in rates. The net profit of the Russian banking sector in October amounted to 256bn rubles ($2.7bn), which is 13% lower than in September.
62 RUSSIA Country Report February 2024 www.intellinews.com