Page 96 - RusRPTJan23

8.0 Financial & capital markets 8.1 Bank sector overview
8.1.1 Earnings
The losses of the Russian banking sector since the beginning of July have fallen from RUB1.5 trillion ($24.5bn) as of July 1 to RUB0.4 trillion ($6.53bn) as of November 1, but the sector is still losing money, according to the Central Bank of Russia (CBR).
"The losses of the banking sector fell more than three times, from RUB1.5 trillion as of July 1, 2022, to RUB0.4 trillion as of November 1, 2022, thanks to improved net interest revenue and a reduction in the growth rate of extra reserve formation," the regulator said as cited by Tass.
The CBR’s Director of the Department of Banking Regulation and Analytics Alexander Danilov told Tass that the Russian banking sector's losses have fallen three-fold over the last ten months but the sector will end the year with a loss.
The CBR stopped reporting bank sector profit results after the invasion of Ukraine in February and has only released a few details of lending and borrowing, but Danilov says the CBR intends to release full year profit results
96 RUSSIA Country Report January 2023 www.intellinews.com