Interfax: Main indicators of Russian banking system point to its stability – Nabiullina

Elvira Nabiullina file photo

MOSCOW. Aug 10 (Interfax) – The main figures from Russia’s banking system show that it is stable and in a safe zone, Central Bank head Elvira Nabiullina said at a meeting with Russian President Vladimir Putin.

“The situation in the banking sphere is a lot like a mirror of what is happening in the economy. Of course, outside factors can not help but play a factor in the development of the banking system. But as a whole, according to the main indicators which characterize it, it is in a safe zone, the banking system is stable,” she said.

According to Nabiullina’s assessment, the second quarter was even better for the banks than the first quarter. Q1 results show that the Russian banking sector made 51 billion rubles in profit. “This is of course not the 600 billion rubles we saw last year, or the trillion rubles from the year before last, but it is a positive moment. And we think that banking sector profit will be around 100 billion rubles annually,” she said.

Capital, which grew 3% from January-June, and the profit allow banks to increase lending, Nabiullina said.

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