Russian Banks Set for Record Profits This Year, Central Bank, Rating Agency Say – Finance Bitcoin News

This year’s high numbers are coming after 2022 became the worst annual period in seven years for the sanctioned Russian banking sector in terms of financial outcome.Data from the first months of 2023 give the Central Bank of Russia reason to believe that by the end of the year Russian banks can earn 1.9 trillion rubles , “or even more, which is comparable to the profit for 2021,” Deputy Governor Olga Polyakova unveiled at a conference held by the National Credit Ratings agency.

When it released its baseline projections in March, Bank of Russia expected net profits in the banking sector to reach 1.2 – 1.5 trillion rubles this year and 1.2 – 1.7 trillion rubles in 2024. Those estimates came after 2022 — when Russian banks earned only 200 billion rubles — turned out to be the industry’s worst year in a seven-year period.

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Bank stocks continue to fall following First Republic demiseRegulators have barely written the epitaph for First Republic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail. Bank stocks fell sharply Tuesday, led downward by smaller banks with heavy exposure to uninsured deposits and commercial banks like Western Alliance Bank, PacWest Bancorp, Comerica and Zions Bank. Shares of Western Alliance were down 17% in afternoon trading and PacWest dropped 25%, with trading of both stocks halted briefly due to high volatility. The ongoing concern among investors and regulators is that banks such as PacWest have large amounts of uninsured deposits _ those above $250,000.
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