Russian bank profits at a record low

RUSSIA / FSU POLITICS - In Brief 11 Jun 2020 by Alex Teddy
On June 10 the chief of the Russian Central Bank said that profits in banking fell to an all time low in May 2020. Banks made USD 7 million profit in May 2020. The net profit for the whole of 2020 to date is USD 8 billion. The bulk of this was earned in Q1. The Russian banking sector was in good health at the start of 2020. Bumper profits were anticipated. Notably no banks have gone bust in the crisis. To be still in profit is a major achievement. The heard of Sberbank German Gref said that 2020 has been the worst in his 13 years in his job. Credit restructuring has been a major headache Sberbank. Fitch estimates up to USD 87 billion of loans might be restructured by the end of 2020. That is 10% of the portfolio.

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