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Banks in Russia increased profits by 65%

Banks in Russia increased profits by 65%
Photo: pixabay.com

The banking sector in Russia increased profits by 65%, earning 1,9 trillion rubles in the first nine months of this year. Almost half of all profits were earned by Sberbank, another 204 billion rubles - by VTB.

As reported "Vedomosti" citing data from the Central Bank, this is more than in the pre-crisis 2019, when banks' profits reached 1,7 trillion rubles. This was due to the growth of the business and the reduction in provisioning charges. The Bank of Russia predicts that by the end of the year, banks will earn 2,5 trillion rubles for the first time.

The annual rate of lending to legal entities (excluding SMEs) increased by almost 9% - 4,15 trillion rubles were issued in nine months. Lending to SMEs increased by 25,6% over the year. Banks from January to September issued to citizens 3,7 trillion rubles excluding mortgages (an increase of 18,3%). Mortgage lending increased by 27,6% over the year.

Companies' funds in banks during the reporting period increased by almost 16%, reaching 34,8 trillion rubles. Citizens' funds increased in September by 0,8% - up to 32,8 trillion rubles.

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