Key Points
MOSCOW, Dec 7 (Reuters) - Russian banks' profits will reach record levels around 3.3 trillion roubles ($36 billion) this year, the central bank said on Thursday, before dropping off by about 1 trillion roubles in 2024 as high interest rates cool lending growth...
Profits slumped by almost 90% in 2022 as the West imposed sweeping sanctions on Russia's financial sector over Moscow's actions in Ukraine, but banks have recovered this year through strong lending growth and high net interest margins, particularly thanks to the state's burgeoning defence budget...
Corporate lending growth of 5.9% year on year in the quarter was driven by demand for loans from state contracts, the replacement of external debt and growth in housing construction, the bank said...
"We are assessing 2024 as a little more challenging because the central bank's policy is aimed at fighting inflation and the rate is therefore very high, and the central bank has taken measures to restrict lending," said German Gref, CEO of dominant lender Sberbank (SBER.MM), in an interview broadcast on state television on Thursday...
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