Page 75 - Russia OUTLOOK 2024

$1bn, of which three were tech companies. There were another estimated 24 IPOs in the pipeline for 2022, which have now all been cancelled.
• 5.6 Banking sector
The Russian banking system is booming. It earned more than RUB3 trillion in
2023 – the most in over five years.
"Our banking system will earn slightly more than three trillion rubles this year. They will gain back everything they lost in the last year, plus they will earn profit," Putin said in December.
The sector has benefited from an extensive clean up implemented by CBR Governor Elvia Nabiullina since 2013 and has left the sector robust and well capitalised. The clean up was already over well before the war in Ukraine began putting it on a solid footing to cope with the external shocks that have buffeted Russia since the imposition of the extreme sanctions in March 2022.
The profit of the Russian banking sector by the end of 2024 is predicted to fall somewhat as the economy slows. Bank sector profits could amount to RUB2.1-2.6 trillion ($22.7-28bn), according to data from the CBR. According to the previous forecast, the regulator expected the banking sector to earn 1.8-2.3 trillion rubles ($19.4-24.8bn) at the end of next year.
It is noted that in the third quarter of 2023, the banking sector earned about RUB1 trillion ($10.8bn), which is higher than the result of the second quarter (RUB0.8 trillion), due to the active growth of lending with the expansion of interest margins, despite the increase in rates.
The net profit of the Russian banking sector in October amounted to RUB256bn ($2.7bn), which is 13% lower than in September.
75 Russia OUTLOOK 2024 www.intellinews.com