Russian banks' profits drop 22% m/m to $3 billion in Feb
Reuters
Published Mar 26, 2024 07:33AM ET
MOSCOW (Reuters) - Russian banks' profits fell 22% in February from the month before to 275 billion roubles ($2.97 billion), the central bank said on Tuesday, as corporate, consumer and mortgage lending all grew modestly.
The bank said more than half of banks' corporate loan growth was due to loans to exporters in Chinese yuan, part of a trend that pushed the sector's overall foreign liquidity reserves lower.
Russian banks' profits are set to decline to 2.3-2.8 trillion roubles ($25-$30 billion) this year, the central bank has said, after sharp rises in mortgage, consumer and corporate lending drove the sector to record profits of 3.3 trillion roubles in 2023. ($1 = 92.5250 roubles)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.