Net profit of Russian banks increased by 14.2% in March%

The net profit of Russian banks in March increased by more than 14% compared to February and amounted to 448 billion rubles. This is stated on April 17 in the review of the Bank of Russia on the development of the banking sector.

This result was provided by non—core volatile revenues, which immediately soared by 70% to 202 billion rubles, mainly due to the revaluation of debt securities. The main profit amounted to 343 billion rubles. Of these, banks earned 136 billion on net interest and commission income due to business expansion.

The total financial result of the banking sector in March reached 507 billion rubles, which is 98 billion more than in February. The regulator explained that this figure exceeds the profit due to the recognition of a positive revaluation of debt securities in the capital. The dynamics is explained by the expansion of the banking business and favorable conditions in the debt market.

Division rules: in Russia they want to introduce a tax on excess profits of banks

Deputies intend to replenish the budget by 200 billion rubles

On February 27, the State Duma introduced a bill on the introduction of a tax on excess profits for the banking sector in Russia. It was clarified that as part of the measure, it is proposed to introduce a one-time tax on additional profits earned by banks in the period from 2025 to 2026.

Andrei Barkhota, an expert on the financial market and an economist, reported in December last year that a new law on an increased tax on banks' excess profits was unlikely to be adopted in Russia. According to him, in the event of a deterioration in the industry situation, banks will begin to accumulate significant loan reserves, which may lead to the full use of accumulated capital, and in a few months banks may not have increased income.

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