Putin's bankers earn on the war

Russian banks earned a record 1.7 trillion rubles in the first half of the year.
The Central Bank reported that the profit of Russian banks for the first half of 2023 amounted to 1.7 trillion rubles, which was an absolute record. This is higher than their profit for the whole of 2020 (1.6 trillion rubles) and commensurate with their profit for 2019 (1.7 trillion rubles). The record for the head of profit was set in 2021 - 2.36 trillion rubles.

As follows from the presentation of the Central Bank (Kommersant has it), in June the net profit of the banking sector amounted to 314 billion rubles. This is 15% higher than the result of May (273 billion rubles). About half of the June profit came from foreign exchange revaluation (RUB 153 billion) against the backdrop of the weakening ruble, which fell by 7% over the month. Profits were also supported by income from securities (about 30 billion rubles) and dividends from subsidiaries (about 33 billion rubles). At the same time, the main profit decreased from 250 billion rubles. in May up to 125 billion rubles. in June. The number of profitable banks rose to 245 in June (75% of the total) from 237 in May (73%).

The head of VTB, Andrei Kostin, at a meeting with Vladimir Putin in July, said that the Russian banking sector was working reliably, and Western sanctions had destroyed the world trade system. VTB itself expects about 400 billion rubles of net profit for the year. In June, the Central Bank resumed the disclosure of financial statements of credit institutions.