Russian Banks Register Record Profit

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The net profit of Russian banks rose to 1.9 trillion rubles, which is 65% more compared to the same period last year, the Bank of Russia said. This is more than last year and the pre-crisis 2019, Russian media informed.

The forecast is much better than that of the Central Bank of the Russian Federation – the regulator expected net profit of banks in the amount of 1 trillion rubles for 2021.

In a prosperous 2019, the net profit of Russian banks increased 1.7 times to a record of 1.7 trillion rubles, and in 2020 slightly decreased to 1.6 trillion rubles.

Earlier, the net profit of the Russian banking sector in the first half of 2021 amounted to 1.2 trillion for the first time in history during this period.

Reasons for this growth in profits include economic recovery and increased lending, Russian media added.