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Economy/Business
21 February , 15:33

Russian banks have earned record profits over past three years

Russian banks earned 3.3 trillion rubles in 2023. This is 16 times more than in 2022, as follows from Banki.ru materials on the results of the country’s largest banks over the past year.

Experts explain this result by a combination of factors: an increase in the volume of banking business and commission income, income from currency revaluation, and a decrease in the cost of creating loan reserves.

For 2023, Sberbank received a record 1.5 trillion rubles in net profit, and VTB received 432.2 billion rubles. In 2024, VTB's profit is projected to be 435 billion rubles.

As it became known from the report on the financial results 2023 of the VTB Group, the company’s assets increased by 20.5% and reached 29.4 trillion rubles. The volume of the total loan portfolio amounted to 21.0 trillion rubles, having increased by 21.0% in 2023.

Loans to individuals increased in 2023 by 24.6% to 7.0 trillion rubles. Today, VTB Bank issues every fifth retail loan in Russia. The volume of loans to legal entities increased in 2023 by 19.3% to 14.0 trillion rubles. The share of retail in the Group's total loan portfolio increased as of January 1, 2024, to 33%.

As of January 1, 2024, the Group’s total client funds increased by 20.5% to RUB 22.3 trillion.

Dmitry Pyanov added that from February 26 to March 1, VTB will hold a Strategic Week, during which it will present a new Strategy for 2024-2026 in the following areas: retail, medium and small businesses, technology, corporate and investment business.

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