Page 104 - RusRPTJul24

8.1.1 Earnings
Net profit of Russia’s banking sector decreased by 16% in May 2024
compared with April to 255bn rubles ($2.8bn), according to files released by the Bank of Russia.
"Actual net profit of the sector (exclusive of around 26bn rubles worth of dividends received from Russian subsidiary banks) amounted to 255bn rubles, which is 50bn rubles, or 16%, lower than in April (305bn rubles)," the Central Bank said.
Main profit fell by 18bn rubles (-8%) due to growth of operating expenses by around 10bn rubles, as well as reserves (by around 8bn rubles).
The number of profit-making banks went down to 232 from 249 in April, while their share in the total number of banks - to around 73% from 78% (the total share in the sector’s assets amounted to 98% compared to around 99% in April).
The Central Bank increased its forecast for the net profits of Russia’s banking sector in 2024: now the expectation is between 3.1 trillion rubles and 3.6 trillion rubles. If this happens, banks could match the record profits they enjoyed in 2023 (3.3 trillion rubles). In 2025, the regulator expects another successful year (up to 3.1 trillion rubles of profits).
104 RUSSIA Country Report July 2024 www.intellinews.com