Russian banks earned 930 billion roubles ($15.7 billion) in 2016, a 480% increase from 2015’s profits of 192 billion roubles ($3.24 billion), Republic reported, citing data from Russia’s Central Bank.
The reason for the profit growth was Russians' continued trust in banks, evidenced by a steady flow of deposits, which increased by 9.2% in 2016. Asides from that, "the strengthening of the national currency was a significant factor," according to Republic.
The Central Bank earlier published a list of the most unprofitable banks in 2016. Bank Yugra, controlled by businessman Alexei Khotin, had the largest net loss at 32.2 billion roubles ($543.3 million). Second place went to VEB subsidiary Globex Bank, which lost 29.5 billion roubles ($497.7 million), while Novikombank took third place with a net loss of 17.8 billion roubles ($300.3 million).