Banking sector of Russia unlikely to make profit in 2022 - CBR department head

MOSCOW. Nov 11 (Interfax) - The Russian banking sector is unlikely to make a profit in 2022, Alexander Danilov, Russian Director of the Department of Banking Regulation and Analytics of the Central Bank of Russia (CBR), said in a statement.

"I think that we are unlikely to make a profit," Danilov told reporters on the sidelines of the Finopolis forum.

Meantime, according to Danilov, banks in the third quarter managed to reduce losses compared to the results of the first half of the year. "It has shrunk fairly well," Danilov said.

In September, Danilov also noted that Russian banks are unlikely to show a positive financial result in 2022.

Net losses of Russian credit institutions in the first half of 2022 totaled 1.5 trillion rubles, Dmitry Tulin, First Deputy CBR Chairman said earlier in an interview with RBC.