The total profit for Russian banks in 2014 is expected to be at least 10 percent less than what they were last year, the Central Bank of Russia (CBR) announced on Monday.

Aleksey Simanovsky, CBR's deputy governor, made the announcement during the International Financial and Economic Forum in Moscow.

In 2012, Russian banks had a boom, reaching profits of $21.7 billion. In 2013, they earned $21.4 billion.

The CBR said Russian banks made $15.8 billion in profits between January and October 2014, which was 10.7 percent less than the earnings for the same time period in 2013.

Simanovsky attributed this year's decline in profits to greater reserve deductions, but said overall the news wasn't bad. 

“The banking sector’s financial results look not bad...,” Simanovsky said.

In July, Mikhail Shukhov, then-deputy governor of CRB, predicted that 2014's banking profits would be $18.4 billion.