Russian Banks to Exceed 2023 Profit Levels this Year

Russian banks’ profits could exceed record 2023 levels this year, says central bank Russian banks’ profits this year could exceed the record levels achieved in 2023, Central Bank Deputy Governor Olga Polyakova said at a banking conference on Tuesday, an increase in the bank’s previous forecast. The bank had previously said that profits would decline to 2.3-2.8 trillion rubles ($24.8-$30.2 billion) this year after sharp rises in mortgage, consumer and corporate lending drove the sector to profits of 3.3 trillion roubles in 2023. Polyakova also said the bank was concerned by the high-risk segment of mortgage loans, but expected the…