Russian banking system’s profits expected to near $17.29 billion in 2017 - Central Bank

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Russian banking system’s profits expected to near $17.29 billion in 2017 - Central Bank
Building of the Central Bank of Russia

Building of the Central Bank of Russia

© Anton Novoderezhkin/TASS

MOSCOW, October 12. /TASS/. Profits of the Russian banking system in 2017 may near one trillion rubles ($17.29 billion), even minus losses triggered by financial rehabilitation of a number of banks, deputy governor of the Russian Central Bank Vasily Pozdyshev said on Thursday in an interview with the Rossiya-24 television channel.

According to Pozdyshev, the figure as such is just a statistics element as it is important to see which credit organizations account for it. "Profits will go on generating as they did elsewhere except those banks where we have decided to recognize losses," he explained.

"I think we may count on profits nearing one trillion [rubles] or maybe even more, even with losses at banks that are undergoing financial rehabilitation," he noted.

On Wednesday, the Russian Central Bank released statistics demonstrating a decrease in profits of Russian banks from 997 billion rubles (17.23 billion US dollars) in January-August 2017 to 675 billion rubles (11.64 billion US dollars) in January-September, 2017. According to the Central Bank, the decrease stems from one-time recognition of negative financial standing of the banking groups in the process of financial rehabilitation.

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