The Central Bank raised the forecast on profit of Russian banks in 2016

The profit of Russian banks by the end of 2016 could reach more than 700 billion rubles and 500 billion rubles., as previously predicted by the Central Bank, said on Thursday Deputy Chairman of the Central Bank Mikhail Sukhov at the margins of the XIV International banking forum.

He noted that Russian banks have already fulfilled the annual earnings forecast for the first eight months of the year, reports “RIA Novosti”. “I think now we can say that during the year it will exceed 700 billion rubles, but we’ll see,” said Sukhov.

That the profit of the Russian banking sector in 2016 could exceed 700 billion rubles., in late may, said the head of Sberbank German Gref. “The Central Bank gives an estimate of approximately 500 billion rubles According to our estimates, the profit will be higher, about 700 billion, maybe 800 billion roubles this year,” he said in an interview to “Russia 24”.

In 2015, banks earned three times less than in the previous year to 192 billion rubles In November, the first Chairman of the Bank of Russia Alexei Simanovsky predicted that in 2016, the profit of Russian banks could reach about 200 billion rubles In February, he announced a more positive forecast for profit of 200-400 billion rubles., This range is related to the fact that the situation is quite volatile and a clear trend yet, explained the first Deputy Chairman of the Central Bank.

In March, the Central Bank again raised its forecast for net profit of Russian banks for 2016, saying that he can be in 2-2,5 times more than in 2015. “It is about half a trillion rubles,” — said Simanovsky.

In may, commenting on the forecast, Gref arrived in about 700-800 billion rubles., Simanovsky did not rule out that the profit of the banking sector for the year can be more than 500 billion RUB At the same time, he stressed that to talk about the Outlook revision is premature. “When I said 500 (billion RUB), in mass media there was such criticism and a lot of different people talked about the fact that “Hey, where have enough. Yes, I do not consider it necessary to revise their forecasts — there will be more, thank God,” he said (quoted by “RIA Novosti”).

The banking sector has fulfilled the Central Bank’s forecast for net profit in August. According to the Bank, for January—August 2016 the Russian banks have earned RUB 537 billion, said Sukhov.