Page 104 - RusRPTJul23

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8.1.1 Earnings
The Russian banking sector earned RUB1.4 trillion ($17.3bn) of net profits in January - May 2023, the Central Bank says on June 22.
"The net profit of the sector in May stood at RUB273bn ($3.4bn) (the return on capital in annual terms: 25.9%), which is almost a quarter higher than the result in April (RUB224bn ($2.8bn). The sector already earned RUB1.4 trillion ($17.3bn) over five months of 2023," the regulator said.
Profits of the banking sector were supported by smaller deductions to provisions and by the rise in primary incomes amid the business expansion, the Central Bank said. The number of profit-making banks increased to 237 in May (73% of the total number).
The banking sector recorded a net profit of 273bn rubles in May (annual return on equity of 25.9%), nearly a quarter higher than April's result of 224bn rubles. In the first five months of 2023, the sector has already earned 1.4 trillion rubles.
104 RUSSIA Country Report July 2023 www.intellinews.com