Page 120 - RusRPTJul24

8.1.7 Banks specific issues 8.1.8 Sberbank news
Sber reports 67% increase in number of corporate accounts in its India branch. According to him, the number of transactions carried out by Sberbank in India for legal entities and individuals is also growing steadily. In January - April 2024, their number increased 3-fold y/y. "Today, individuals can also transfer money to an account in India directly from the Sberbank Online mobile app. This service is in great demand - the number of payments by individuals from Russia to India has increased by 40% since the beginning of the year," Popov noted. In the Q1 of 2024, about 60% of all payments for imports from India to Russia were made through Sber.
8.1.8 Bank news
VTB Group, Russia's second-largest lender, reported a 3.2% decline in net profit for the period January to May 2024, compared to the same period last year, reaching RUB233.4bn ($2.7bn). In May, the group's net profit stood at RUB30bn ($348mn), reflecting a 7.7% y/y decrease, TASS reported on June 28.
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