"These improved funding profiles are driven by strong deposit growth — 20% in 2015 — which exceed loan growth — 8% in 2015 — and allow banks to reduce reliance on CBR [Central Bank of Russia] funding," the release said.
Pavlova underscored that Russian banks have emerged among the strongest in major developing markets.
"Russian banks have generally become more resilient to refinancing risk, with enough liquid assets to potentially repay all their market funding," she added.
The Russian economy suffered a setback in 2014, as the ruble lost about half of its value against the dollar amid low global oil prices and Western economic sanctions imposed against Russia over the Ukrainian crisis. However, the economy is set to recover in 2017, according to the International Monetary Fund (IMF).
