Russian banks’ earnings continue breaking records. In the first quarter of 2006, the aggregate profit stood at R96 billion, double the amount earned in the first quarter of 2005. Consumer lending is the only sector that grows at a steady rate. Russia’s SBERBANK had the highest share of banks’ aggregate profits as before. However, the bank accounted for 35% of aggregate banking receipts as of January 1, 2005, 31% on January 1, 2006 and 26% on April 1. According to INTERFAX CEA, the National Reserve Bank (NRB) earned above all, boosting its profit 30 times to R9.1 billion. Although the NRB is not rated among the top 30 Russian banks, it forged ahead of VNESHTORGBANK (R4.4b), GAZPROMBANK (R6.7b) and URALSIB (R7.6b) which usually came after SBERBANK in terms of earnings.
Source: VEDOMOSTI, May 25, 2006
