Bank profits hit 2.3 trillion rubles as corporate credit expands
Russian banks generated 2.3 trillion rubles in net profit during the first half of 2026, up 36 percent year-on-year, according to the Bank of Russia. The central bank raised its full-year banking sector profit forecast to 3.9–4.4 trillion rubles following corporate lending growth.
Corporate demand drives quarterly expansion
Corporate claims rose 3.7 percent in the second quarter to 106.9 trillion rubles, up from 0.7 percent growth in the first quarter, propelled by 3.4 trillion rubles in new ruble loans.
Construction and industrial enterprises accounted for two-thirds of this increase.
Retail lending also gained momentum, with mortgage debt rising 1.7 percent to 24.6 trillion rubles and unsecured consumer loans advancing 2.8 percent to 12.9 trillion rubles.
Net profit for the quarter reached 1.08 trillion rubles, supported by a wider net interest margin of 5.5 percent as funding costs declined faster than loan yields.
Total capital adequacy edged up by 0.1 percentage points to 14.0 percent.
Targeted curbs meet rising credit stress
Credit risk indicators diverged across sectors during the quarter.
The cost of risk in retail portfolios fell to 2.2 percent from 2.9 percent, aided by stricter macroprudential limits, while corporate credit risk rose to 1.3 percent as problem loans reached 11.8 percent of corporate debt.
Small business problem loans climbed to 20.0 percent.
Regulators plan tighter macroprudential limits on cash loans and auto lending in the fourth quarter of 2026 to curb household debt risks.
High margins mask underlying corporate strain
Wider margins and solid quarterly profits give banks substantial buffers to absorb potential credit shocks.
However, the steady rise in corporate and small business problem debt signals growing stress beneath the surface.
Regulatory tightening stabilizes household lending, but corporate vulnerabilities remain the primary test.