Russian Banks' Net Profit Fell

Russian banks' net profit fell. The net profit of April decreased by 83 percent compared to the previous month and decreased to 32 billion rubles. The Bank of Russia issued a statement regarding the decrease in the net profit of the banks. Accordingly, the net profit of Russian banks, which was 192 billion rubles in March, fell 83 percent in April to 32 billion rubles (about 451 million dollars). In the said period, 63 percent of all banks made a profit in April, and it was noted that some banks, which made negative valuation in foreign currencies, experienced a decrease in profit rates due to the appreciation of the ruble. The net profit of Russian banks increased by 73 percent in 2019 compared to the previous year, reaching 1.7 trillion rubles.