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Stock impact report

FT: Western banks paid 4 times more taxes to Russia in 2023 than before all-out war [Yahoo! Finance]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: Yahoo! Finance
four times more than before Moscow's full-scale invasion of Ukraine, the Financial Times (FT) reported on April 29, citing its analysis. In the immediate aftermath of Russia's full-scale invasion of Ukraine in 2022, Russia's banks – increasingly isolated from the global economy and laden with heavy Western sanctions – saw profits fall by 90% compared to 2021. Despite this, the Russian banking industry is once again thriving . Russia's state-owned Sberbank reported a record annual profit of $16.3 billion in 2023, a more than five-fold increase compared to 2022. Seven European banks with the largest assets in Russia — Raiffeisen Bank International, UniCredit , ING, Commerzbank, Deutsche Bank, Intesa Sanpaolo, and OTP — reported combined profits of over 3 billion euros ($3.2 billion) in 2023. This is three times more than in 2021. The jump in profitability resulted in European banks paying about 800 million euros in taxes, compared to 200 million euros ($214 million) in 2021, acc Show less Read more
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