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Banks Lost $6.5Bln

By The Moscow Times

Russian banks lost 198 billion rubles ($6.5 billion) on equity and bond markets last year, the Central Bank said Tuesday, describing the losses as "moderate" in a year when the country's benchmark stock index fell 17 percent.

Banks lost 33 billion rubles on stocks and another 165 billion from bond investments, but the sector as a whole still turned a profit of 848 billion rubles, Central Bank figures showed.

Stock and bond holdings accounted for about 13.4 percent of total banking assets.

(Reuters)

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