Page 69 - RusRPTDec23

approximately 20 billion rubles, which were directly accounted for in capital through other comprehensive income.
Since the beginning of the year, the sector has already earned 2.9 trillion rubles in profit. However, not all of this profit will be included in regulatory capital. Excluding dividend payments, approximately 2.1 trillion rubles will be included in capital, accounting for profit adjustments related to IFRS reserve releases (0.4 trillion rubles) and negative revaluation of federal loan bonds (~0.4 trillion rubles), which bypass profit and go directly into capital.
In contrast, the core profit (M) in October slightly increased (275 billion rubles, +8%), primarily due to net interest income (+16 billion rubles) amid continued lending growth.
The number of profitable banks increased by 11 to a total of 259, representing 80% of the total number of banks (compared to 248 banks, or 77%, in September). Over the course of the first ten months of 2023, the number of profitable banks reached 284 (88%) with a share of sector assets at 99%.
The central bank expects the overall net profit of Russian banks to amount to around 3 trillion rubles in the entire 2023, Deputy Chairwoman Olga Polyakova told reporters on November 8. “Nearly 3 trillion (rubles)... Around 2.9–3 trillion rubles,” she said. In January–September, the net profit stood at 2.7 trillion rubles.
69 RUSSIA Country Report December 2023 www.intellinews.com