Resilient Russian banks lean inwards in pursuit of profit

Russian banks make the most of preferential state lending schemes, liquidity auctions, and a defense sector hungry for financing.

“Judging by the dynamics of recent months, we can speak about banks’ near complete adaptation to the challenges of early 2022,” said Mikhail Zeltser, a BCS World of Investments analyst.

Promsvyazbank chairman Pyotr Fradkov told President Vladimir Putin last month that it now ranks among Russia’s top five banks by assets, a rapid rise from ninth place in 2019, the last time it disclosed financial results. “As far as the defense industry is concerned, most of this financing and lending is offered at so-called preferential rates,” Fradkov said.

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