Page 86 - RusRPTFeb23

8.1.1 Earnings
The Russian banking sector in November, according to RIA Rating, showed a good profit. According to the financial statements of Sberbank (it usually accounts for about 40-50% of the banking sector's profits), its profit in the last reporting month amounted to 125 billion rubles. Some other major banks also reported their monthly profits. Comparing these individual figures, RIA Rating experts estimate the banking sector's profit in November at about 250 billion rubles. According to official comments, according to the results of 10 months of 2022, the total loss of Russian banks amounted to 400 billion rubles, therefore, according to the results of 11 months, the banking sector remains unprofitable (150 billion rubles of loss). However, for comparison, this is 10 times less than the amount of losses of Russian banks in the first half of the year. According to RIA Rating experts, in December, banks can earn the “missing” 150 billion rubles, and most likely, at the end of the year, a total profit of about 100 billion rubles will be shown. In general, we can expect good profitability in December, however, in early 2023, changes in regulatory approaches may have a negative impact on the financial results of Russian banks.
Russian banks may earn up to RUB1.5 trillion ($20.7bn) in 2023, which is a 1.5-fold increase compared with the record profit of 2021, according to a note on the country’s banking sector posted on the PSB Analytics Telegram channel on January 8. "After the challenging 2022 banks will be able to earn 1.2-1.5 trillion this year, which is more than half of the record profit of 2021 (2.4 trillion )," the note said. The large-scale transformation of the economy will
86 RUSSIA Country Report February 2023 www.intellinews.com