Russia economy meltdown as bank profits ‘collapse’ amid market chaos | World | News– www.express.co.uk

Russia economy meltdown as bank profits ‘collapse’ amid market chaos | World | News– www.express.co.uk
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Russia’s financial sector is grappling with significant challenges as bank profits plummeted in August, signalling potential economic instability. According to data highlighted by Kyrylo Shevchenko, a prominent Ukrainian banker, Russian banks’ collective profits fell to $2.4 billion (£1.79 billion) in August, down from $4.7 billion (£1.71 billion) in July, a staggering 49% decline.

Shevchenko noted that the corporate sector, particularly where floating-rate loans dominate, has been hardest hit by weaker margins. He tweeted: “The credit market is cooling, reserves are rising, and the era of easy wartime profits is fading. Despite surviving sanctions and high rates so far, the financial sector cannot remain immune to war and isolation forever.”