Posted 1/31/2024, 8:03:00 AM
Russian Banks See Record $36.8 Billion Profit in 2022 Despite Sanctions
- Russian banks made a record $36.8 billion profit in 2022, up massively from $2 billion in 2021
- Performance came as a surprise to Russia's central bank due to sanctions over Ukraine war
- Profits spurred by demand for mortgages and loans to finance large business acquisitions
- Mortgage lending rose 35% in 2022 as Russians rushed to buy homes at discounted rates
- Corporate lending rose 20% in 2022, likely for Russian businesses buying up assets from companies that left