Head of VTB: Bank profits in 2022 will remain on the same level as in 2021

Growth of the banking sector will slow down in 2022 due to the strict monetary policy adopted by the regulator but bank profits will remain on the same level as in 2021, as stated by the Head of VTB Andrei Kostin in a CNBC interview at the VTB Capital investment forum «RUSSIA CALLING!».

«Next year, the growth of the banking sector will undoubtedly slow down because the Central Bank of Russia is implementing a very strict monetary policy. <...> We think, however, that the profits will remain the same as in 2021», said Kostin.

Earlier at the forum, Elvira Nabiulling, the Head of Russian Central Bank, has announced to journalists that the banking sector profits in 2022 are expected to grow slower than this year. According to the Central Bank, from January to October 2021 Russian banks saw a record profit of RUB 2.1 trillion. The regulator is expecting this value to reach RUB 2.5 trillion by the end of this year.

«Russia calling!» investment forum has been held since 2009. Traditionally, it is attended by representatives of the Russian government authorities, the biggest international corporations and leading Russian companies. The agenda encompasses key relevant issues of the global economy, finance and business sphere.