The regulator has improved its 2024 forecast, despite sanctions The current year could prove even more profitable for Russian banks than record-breaking 2023, Central Bank Deputy Governor Olga Polyakova said at a conference on Tuesday. Last year, a sharp rise in mortgages as well as consumer and corporate lending resulted in banks posting profits of 3.3 trillion rubles ($35.4 billion), despite Western sanctions on the economy. The increase in lending took place despite the sharp rise of the key interest rate, from 7.5% to 16%. The record earnings were also attributed to the restoration of basic income, a significa
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