Official: Russian banks to attain record profit 2021

SOCHI, Sep 17 (PRIME) -- Russian banks will attain a record net profit in 2021 due to continuing expansion of business and low reserve spending, Chairwoman of the central bank Elvira Nabiullina said at a forum on Friday.

"Banks have not only escaped large losses or a significant deterioration of the quality of loan portfolios but have retained profit. Banks will get a record profit this year due to continued expansion of the business and a low spending on reserves," Nabiullina said.

The official also said that the central bank is concerned with a fast increase of consumer lending from the point of view of financial and social stability. She added that the central bank raised macroprudential surcharges earlier and was ready to raise them more.

The central bank is ready to introduce a more flexible, risk sensitive approach to bank regulation, the official said.

Nabiullina said that banks must become more involved in projects favoring a long-term growth of economy.

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