Russian Banking Sector 2023: Profits Soar to Record High of 2.6 Trillion Rubles, Thanks to Currency Transactions and West Restrictions

2023-09-06 21:38:00

The profit of the Russian banking sector in 2023 may reach 2.6 trillion rubles. This was told by the specialists of the Analytical Credit Rating Agency (ACRA).

“The net profit of the banking sector may reach 2.6 trillion rubles or more in 2023. This is the maximum value in history, the previous record was in 2021 – 2.37 trillion rubles,” ACRA reported to RBC.

According to the analytical agency, currency transactions played an important role in the formation of banks’ profits. “Banks’ income from foreign exchange transactions in the first half of 2023 amounted to almost 800 billion rubles, while in the first half of last year there was a loss of 1.3 trillion rubles,” ACRA experts said.

URA.RU previously reported on record profit largest Russian banks, which became possible due to the restrictions of the West. The money remains circulating within the country and banks do not have the opportunity to withdraw it abroad for investment and project implementation.

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