Russian banks poised for another year of record profits
The NKR predicted a possible update of the bank profit record in 2024
In 2024, Russian banks can repeat the record of net profit, experts of the NKR credit rating agency predicted. This is stated in the analytical commentary "Forecast for the development of the banking sector of the Russian Federation in 2024", which was read by Izvestia on April 9.
"Net profit in 2024 can range from 3.1 trillion to 3.5 trillion rubles. Banks can repeat last year's record of 3.3 trillion rubles, despite the expected decrease in net interest margin (NIM) and an increase in the cost of risk. At the same time, the return on their capital is likely to decrease to 20-22% from 25% in 2023," analysts noted.
They specified that the result will be achieved in the absence of a negative impact of unstable profit components, such as currency or securities revaluation.
In addition, according to the forecast of experts, the volume of deposits of Russians for the current year will grow by 18-22%, and the maximum rates on them will reach 13.5-14.5%.
"Deposits will remain an extremely attractive savings tool, in addition, demand will be supported by the payment of interest at high rates on deposits placed last year, as well as compliance with the requirements for the indicator of short-term liquidity (PKL) by systemically important banks," the NKR specified.
Earlier, on January 30, the Central Bank of the Russian Federation reported that Russian banks received a record 3.3 trillion rubles of net profit in 2023. Maxim Chirkov, Associate Professor of the Department of Economic Policy and Economic Measurements of the State University of Ukraine, explained that such an indicator was also due to state support.