Russian Banks See Profits Drop in September Amid Rate Hikes and Slowing Lending

Russian banks' profits dropped in September as interest rates rose and consumer lending slowed.

The central bank raised interest rates sharply in August and September to defend the rouble.

Banks are still on track for record annual profits in 2022.

New capital controls requiring exporters to sell foreign currency took effect this week.

Household foreign currency funds continued to decline in September as people converted to roubles.