Russian banks continue posting record losses for 2022. Following sanctioned VTB Bank, which suffered a loss of 613 billion rubles (US$ 7.7 billion), today Russian media published the statement of Alfa-Bank, which received a loss for the first time since 2009.
Alfa-Bank, the largest private bank in Russia, ended 2022 with a loss: its amount under RAS (Russian Accounting Standard) amounted to 117.1 billion rubles (US$ 1,4 billion), reads the published statements of the credit institution. The last time the bank showed a negative financial result in 2009 (3.35 billion rubles or US$ 41,4 million). Both before and after that, it remained profitable (the bank's reporting on the Central Bank website has been available since 1999). In particular, according to the results of 2021, the profit of Alfa-Bank amounted to 136.6 billion rubles (US$ 1,7 billion).
“In the first half of 2022, the bank recorded a one-time loss due to the fact that part of the assets in foreign currency was frozen, in addition, the currency revaluation had an impact on the financial result and reporting under RAS,” said Alfa-Bank CEO Vladimir Verkhoshinsky.
Alfa-bank was founded in 1990 by Russian businessman, billionaire Mikhail Fridman, who is still the controlling owner today.
On February 24, 2022, U.S. President Joe Biden announced sanctions on several Russian banks, including Alfa-Bank; the restrictions include "dealings in new debt of greater than 14 days maturity and new equity". Alfa-Bank's press service made a statement in the Russian press that these sanctions would not affect the bank's operations.
On March 1, 2022, Mikhail Fridman and Russian oligarch, businessman Pyotr Aven left the bank's board of directors after coming under EU sanctions imposed in response to the 2022 Russian invasion of Ukraine.
On March 2023, FT reported that Mikhail Fridman and Petr Aven set to offload Alfa-Bank stake in $2.3bn deal. Pursuant to the report, oligarchs’ partner Andrei Kosogov agreed to take over Russia’s largest private lender as they fight western sanctions.
