Key Points
SOCHI, Russia, Sept 28 (Reuters) - Consecutive interest rate hikes have seriously damaged Russian banks' prospects, the financial head of Russia's No. 2 bank VTB (VTBR.MM) said on Thursday, anticipating a sharp drop in the sector's profits next year after a bumper 2023...
The central bank jacked up rates to 13% this month, as the weak rouble added to already stubborn inflationary pressures from high consumer lending, labour shortages and a wide budget deficit...
VTB CFO Dmitry Pyanov said high rates had so far had virtually no impact on VTB's net interest income but that would change in the months ahead...
VTB expects record profits of 420 billion roubles this year, bouncing back from a huge, sanctions-induced net loss in 2022 after Russia despatched troops to Ukraine...
Russian banks have rallied after an initial hit from last year's sanctions against Moscow, with lenders now jostling for business from the state, particularly a burgeoning defence budget, and the country's big corporate accounts...
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