Net Profits of Russian Banks Exceeded US$2 billion in December

Net Profits of Russian Banks Exceeded US$2 billion in December

Russian banking sector posted net profits of US$ 2,098,800,000 (159 billion rubles) in December. In 2020, banks earned US$ 21,109,849,600 (1.6 trillion rubles), which is 6% less than in 2019.

However, the average (median) decline was nearly 30% mainly due to higher provisions, which reflects the consequences of the pandemic more accurately.

According to the Bank of Russia, household deposits at Russian banks rose 4.9% over the month including owing to bonuses and social payments. Corporate account balances also grew significantly (+4.4%). As of the end of 2020, household deposits rose by about 4%, while corporate accounts saw a 16% increase.

The banks’ corporate lending edged up 0.6% in December and 10% in 2020 overall, almost doubling the 2019 result.

The growth of the retail portfolio in December was slightly lower than in previous months (+1.2%) reaching about 14% for the year. Mortgage lending continued to be the main driver of the growth having set a new record of 25% for the year (vs around 20% in 2019).

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