In first six months of 2021, Russian banks almost doubled their profits to Rbs1.2tn ($16.5bn) from Rbs630bn during the same period in 2020. The operating environment for Russian banks has remained largely benign during the Covid-19 pandemic.
As a result, the Central Bank of Russia (CBR) revised up its full-year profit forecast for the banking sector profit to Rbs2tn (the sector made Rbs1.6tn in 2020).
