Russian banks' profits jump, lending growth remains high
Retops, adds new data in paragraphs 3-8
MOSCOW, Sept 23 (Reuters) -Russian banks' profits jumped in August due to the rouble weakening against the U.S. dollar and euro, while corporate lending growth remained high, the central bank said in its monthly banking sector review on Monday.
The banks made combined profits of 435 billion roubles ($4.69 billion) in August, up from 306 billion roubles in July, the central bank said. Russian banks' combined net profit stood at 2.6 trillion roubles in January-August.
The central bank said the rise in bank profits in August was linked to the currency revaluation of the long net open position, driven by the depreciation of the rouble against the euro and dollar.
"Since banks hedge their long position in 'unfriendly' currencies with a short position in yuan, they additionally profited from the appreciation of the yuan against the dollar and the euro," the central bank's review said.
The Russian currency weakened by 7% and 5% against the dollar and euro respectively in August compared to 0.9% and 0.7% in July, according to central bank data, while China's yuan appreciated against the dollar and euro by 4% and 6%.
The central bank said corporate lending growth remained high at 1.9% in August but was below July's rise of 2.3%. It said that consumer lending growth slowed to 1.3% in August compared with 1.4% in July.
Consumer and corporate lending growth are seen by the regulator as major factors behind high inflation and economic overheating.
The central bank raised its benchmark interest rate by 100 basis points to 19% on Sept. 13, saying that inflation remained stubbornly high and action was needed to reduce it.
($1 = 92.8205 roubles)
Reporting by Elena Fabrichnaya; writing by Marina Bobrova and Gleb Bryanski; editing by Mark Heinrich
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