Still Too Many Banks in Russia, Fitch Agency Says

Russian news agency Rosbalt quotes the Director of the Financial Institutions Analyst Department with Fitch Dmitry Vasilyev who stated that the number of banks in Russia remains too high even after the Central Bank’s recent cleanup. The number of banks was reduced from over 1,000 to approximately 600 within the last couple of years, Vasilyev…

Rosinterbank Folds and Buries Data on 3000 Clients

Russian business daily Vedomosti reports that approximately 3,000 Rosinterbank’s clients with 5 billion rubles (USD 80.4 million) in deposits might not be able to get their money from the Russian Deposit Insurance Agency after the breakdown of their bank. These clients opened or topped their accounts after July 18, the date on which the Agency…

Negligent clients a source of considerable revenue for the Russian banks

Business daily Vedomosti.ru quotes one of the banking industry analysts, stating that the Russian banks earned approximately 57.8 billion rubles (USD 1.92 billion) in penalty fees in 2012. While for some banks the growth of penalty fees corresponds to their asset growth, others record a disproportionate growth in respective revenues that can be explained by the…

Government-owned VTB bank shows spectacular results

Today’s edition of Gazeta.ru reports on VTB bank’s financial results for the third quarter of 2012, which was one of the most successful quarters in the bank’s history. While VTB’s income from corporate loans declined, approximately half of the bank’s total net profit of 26.6 billion rubles (USD 865 million) in the third quarter came…