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February 28.
Earnings for the first month of the year came in at RUB264bn versus RUB71bn in January a year earlier and RUB114bn in the same month in 2017, which marked the start of the recover from the crisis years of 2015-2016.
The January result as also well over double all the profits earned in all the months of last year and four-times more than the RUB65bn that banks earned in December of last year.
However, some of this impressive performance was due to currency effects: the ruble lost 20% against the dollar in 2018, depressing bank results, but it gained around 5% in January pushing up the results. “In addition, several changes in accounting methodologies came into force that have impacted the sector's financials,” bank analyst Andrew Keeley of Sberbank CIB said in a note.
71 RUSSIA Country Report March 2019 www.intellinews.com
