Financial Results of Russian Banks in January-August 2020

Russia’s banking sector as a whole happened to be ready for the current crisis partly owing to the central bank’s stabilization policy. Retention of high liquidity level, stepping up the requirements to the quality of banks’ products and services by way of setting the Basel standards permitted to raise the banking system sustainability. In the meantime, in the wake of high volatility of financial markets and uncertainty of the pandemic fallout, Russian credit institutions have been forced to markedly adjust policy of the previous years which resulted in a notable decrease in profitability of the Russian banking system compared to the previous year