Central Bank of Russia forecasts domestic banks to see profit of 1.2-1.5 trln rubles in 2023, 1.2-1.7 trln rubles in 2024 -

MOSCOW. March 7 (Interfax) - The Central Bank of Russia (CBR) expects domestic banks to generate net profit of 1.2-1.5 trillion rubles in 2023 under the CBR's baseline forecast, and 1.2-1.7 trillion rubles in 2024, according to the regulator's overview of the banking sector.

Russian banks generated net profit of 200 billion rubles in 2022 against 2.4 trillion rubles in 2021.

The financial result for the last year is uneven across the sector, and some banks suffered serious losses, the regular said. The losses came primarily in the first half of the year, when 89 credit institutions, or 57% of assets, were unprofitable. Then the situation began to improve, and by the end of 2022, profitable banks already accounted for about 78% of the sector's assets. This is lower than 2021's 98% indicator, but not critical, and given previously accumulated capital buffers, systemic additional capitalization is not required, the Central Bank says in the review.