The banking 'turbulence' that occurred in the summer of 2004, in which 10 banks either had their licences revoked or were forced into 'arranged marriages' with other banks, now appears as just a minor blip following prompt action by the government, the central bank and banks themselves, and the Russian banking system has enjoyed the benefits of a buoyant economy. Driven by high oil, gas and metal exports, real GDP grew 6.8% in 2004 and is forecast to grow by around 5% in 2005. For our Top 50 Russian banks, aggregate pre-tax profit grew 37.2% to $4186m, aggregate assets increased 42.5% to $182.4bn and aggregate Tier 1 capital rose 22.7% to $21.5bn.
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