The Central Bank reported that the banking sector will earn Br3.8 trillion in 2024

The Russian banking sector at the end of 2024 earned Br3.8 trillion in net profit, which is 15.15% higher than in 2023. This became known from the review of the Bank of Russia on January 30.

"For 2024, the sector earned 3.8 trillion rubles (excluding receipts from subsidiary banks). At the same time, the total financial result of the sector amounted to 3.4 trillion rubles, mainly due to the negative revaluation of securities accounted directly in the capital," - stated in the materials of the regulator.

At the same time in December, the profit amounted to Br187 billion, which is 2.8 times less than in November. This is partly due to negative currency revaluation due to the strengthening of the ruble against the dollar. In November, the revaluation brought an additional 162 billion.

Spending and output: how Russia will cover the record budget deficit since 2020

Our nation's national debt is still low enough to handle rising costs

Earlier in the day, Deputy Prime Minister Alexander Novak said that the growth of Russia's gross domestic product (GDP) at the end of 2024, tentatively, amounted to about 4%, so the country's economy finished last year, showing positive dynamics in the main areas. As noted by Deputy Prime Minister, in recent years, the economy has demonstrated a stable ability of successful development, despite the fact that it is shaken by external shocks.

Prior to that, on January 22, Russian President Vladimir Putin said that the past 2024 was quite successful for the Russian economy. He noted that "key macro indicators of the business community are in the positive zone." Putin said that the deficit of the Russian federal budget amounted to 1.7% of GDP and is at an acceptable level, given the situation in the economies of developed countries. In particular, in 2024, the budget deficit in relation to GDP in the United States and France amounted to 6.2%, in Italy - 3.8%, in Japan - 3.7%, and in Germany - 2.2%.