Comparative Analysis of Economic Value Added's Drivers in Russian Banks

Last year was a difficult year for the Russian banking system, but there was no collapse of the industry. However, at the same time, the task of adapting business and transforming services to the new conditions has become a priority for all banks. The goal of this transformation is to find new growth points for the business and improve operational efficiency. This is how banks try to survive in a highly competitive market. As an indicator of bank efficiency in this study, we used the indicator of economic value added, which allows us to determine the efficiency of using the company's capital, that is, the amount of profit received in excess of the required return on capital. The study identified non-financial factors and financial factors of economic value creation, carried out a cluster analysis based on the calculated indicator of economic value added on a sample of 45 Russian banks, conducted a comparative analysis of EVA for the identified components for banks with corporate (Raiffeisenbank, Alfa-Bank, Gazprombank) and retail (TKS Group Holding, Rosbank, MTS-Bank) business models. One of the main conclusions is that banks with high economic profits are characterized by a strong influence not only of financial factors, but also by the strong development of structural units that perform the functions of non-financial determinants. Keywords: economic value added, EVA, drivers of economic profit, determinants of economic profit, bank efficiency.