Russian banks could make more than 2 trillion rubles profit in 2024 - Nabiullina

MOSCOW. Dec 25 (Interfax) - Russian banks could see profit of just over 2 trillion rubles in 2024 following a record result in 2023, Central Bank Governor Elvira Nabiullina said in an interview with RBC.

"We currently estimate the banking sector's profit will be slightly more than 2 trillion rubles next year. Margins may decrease slightly due to high rates, especially since high rates are passed on to deposits more quickly than to borrowers and lenders. But economic activity is developing nevertheless, positive growth rates [are being seen] and they will have an opportunity to generate profit," she said.

The sector earned 3.2 trillion rubles since the beginning of the year, however profit was overstated by around 300 billion rubles from negative revaluation of OFZ bonds, the Central Bank has said. It said in a report at the beginning of December that the sector's profit for 2024 might be 2.1 trillion-2.6 trillion rubles.