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Lump Russian banking profits increased by 44.5%, January through October
Lump Russian banking profits increased by 44.5%, January through October, as against the same ten months last year, said Andrei Kozlov, Central Bank first deputy president. He was addressing an international finance forum, "Banks and Business: Partnership Ways", in Moscow today. Banking is making far faster progress than any other Russian economic branch. Thus, the gross domestic product made a 7.3% increase last year, and a comparable figure is expected this year. Meanwhile banking assets added 17.8%, January-October, capital 11.4%, and loans to the manufacturing sector, 27.4%. Consumer crediting is on an upswing-a trend Mr. Kozlov is enthusiastic about. It came 80%, January-October, and its share of total credits increased from 5.3%, early January, to 8.2%, October, he said. The client account carryover and private deposits grew 20% within the same ten months. Deposits made for longer than twelve months were growing at the fastest rate-60%, pointed out Mr. Kozlov. However fine all that might be, Russian banking still cannot cope with national economic demands. Andrei Kozlov highlighted, in that context, a big problem with banks preferring to credit financial-industrial groups they are connected with, or even their own proprietors. To increase banking capital is essential for banking network development. To strangle small banks is the last thing the government intends to do, the Central Bank boss stressed. Such banks as fail to build up their capital to a five million Euro mark before January 1, 2007, will be authorised to work on, provided their capital does not shrink. The arrangement is envisaged in a draft bill the Central Bank has by now coordinated. The preceding six months halved the amount of fraudulent transactions in which private nonresident men-of-straw exchange currency assets into cash in Russian banks. Such swindles made a monthly billion dollars, last March and April, while now$500,000. Andrei Kozlov tracked down this success to the Central Bank working hard to prevent money laundering. A mere four banks previously accounted for 85% of those deals. Two of them, the Sodbusinessbank and the Credittrust, have lost their licenses by now, and the Central Bank has warned the other two about similar prospects
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