Page 84 - RusRPTFeb24

68% of their total number (compared to 252 in November, or 78%). At the end of the year, the number of profitable banks reached 292 (90%) with a share in the sector's assets at 99%, significantly higher than in 2022.
Bank of Russia expects banks’ profit at up to $31bn in 2024 In 2023, Russian banks earned 3.3 trillion worth of net profit, the Bank of Russia said earlier, adding that in December Russian banks’ profit amounted to 64bn rubles, which is four times lower than in November
Russian banks received record net profit worth 3.3 trillion rubles ($37 bln) in 2023, the Central Bank reported.
"In 2023, the sector earned record profit worth 3.3 trillion rubles (adjusted for dividends) due to recovery of core earnings, substantial reduction of expenditures on reserves and generation of notable income from foreign currency revaluation. However, this result should not be considered in detachment from weak results of 2022 when the sector earned around 0.2 trillion rubles. In December, the sector’s actual net profit totaled 64 bln rubles, which is four times lower than in November (around 270 bln rubles)," the report said.
The sector’s average profit in 2022-2023 equaled 1.7 trillion rubles, which is 27% lower than in 2021, the regulator noted.
"The number of profitable banks decreased to 219 in December, which accounts for 68% of their total number (252, or 78% in November). During the year the number of profitable banks amounted to 292 (90%) with the share of in the sector’s assets standing at 99%, which is notably higher than in 2022," the Bank of Russia said.
84 RUSSIA Country Report February 2024 www.intellinews.com