Russian banks' profits drop slightly m/m to $2.9 billion in March

MOSCOW (Reuters) - Russian banks' profits fell marginally in March to 270 billion roubles ($2.89 billion), slightly lower than the month before, the central bank said on Friday.

The bank said the small fall was due to technical adjustments to valuations. However, growth in consumer, mortgage and corporate lending picked up.

Russian banks' foreign liquidity reserves increased to $47.4 billion in March from $41.8 billion in February, the regulator said.

Russian banks' profits this year could exceed the record levels achieved in 2023, Central Bank Deputy Governor Olga Polyakova said earlier this month, an increase in the bank's previous forecast.

($1 = 93.3925 roubles)

(Reporting by Elena Fabrichnaya; Writing by Anastasia Teterevleva; Editing by Mark Trevelyan)