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The national flag flies over the headquarters of the crucial Russian bank in Moscow, Russia, on May 27, 2022. REUTERS/Maxim Shemetov
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- This content is produced in Russia, where legislation restricts insurance coverage for Russian defense force operations in Ukraine.
September 2 (Reuters) – Russian banks lost 1.5 trillion rubles (US$ 24.95 billion) in the first six months of 2022, a legitimate figure noted by Russia's leading financial institution on Friday in an interview with RBC Everyday.
This is the first time the regulator has released earnings figures for the banking sector, since Russia deployed troops to Ukraine in February.
approximately two-thirds of the banks' losses relate to international foreign exchange operations, according to Dmitry Tulin, first vice-president of the relevant Russian financial institution.
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Tulin said there was a "greater than 50% chance" that total year losses would not exceed the 1.5 trillion ruble figure of the first half of the year.
The losses were concentrated among the largest banks, Tulin said. Loss-making institutions recorded a mixed loss of 1.9 trillion rubles (US$ 31.60 billion), compared to economic lenders who gained a combined total of 400 billion rubles (US$ 6.65 billion).
The financial authority does not expect a repeat of the 2014-17 banking disaster, when the regulator had to bail out numerous lenders and stripped tons of poorly capitalized banks of their banking licenses, Tulin stated.
(US$ 1 = 60.1200 rubles)
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