Banks in Russia Earn 854 bln Rubles on Commission Fees in 2017

The commission income of banks in 2017 increased by 18%, 854.4 billion Rubles, in nine months.

As the newspaper Izvestia writes, referring to a rating created on the basis of Russia Central Bank data, credit organizations are rebuilding business models in search of new sources of profit growth.

It is noted that financial organizations for the first nine months of last year earned 854.4 billion Rubles from commissions from individuals and legal entities.

Banks charge an additional fee for services to companies and the public. These can include payments from cards, to cards of individual clients of other credit organizations, annual maintenance of cards.

Earlier, Russian President Vladimir Putin signed a law extending the grounds for refusing foreign exchange operations. Under the new rules, banks may refuse to conduct foreign exchange transactions if they contradict the requirements of the legislation of the Russian Federation, as well as in case of failure to provide the necessary documents.

Dimitri Dolaberidze