Banking sector expands loan portfolio and resource base between January and July this year
Banking statistics published on the Bank of Russia website reveal that over the first seven months of 2017, banking sector assets grew by 3.1%1, while loans to the economy added 3.0%, including a 2.2% increase in lending to non-financial organisations..
Retail lending continued to grow: household loans increased by 5.2% to 11.3 trillion rubles. Both mortgage lending and unsecured consumer lending are continuing to grow.
The profit for the first seven months of this year of 927 billion rubles almost equals the annual profit for 2016 (930 billion rubles).
The increase is most pronounced in household deposits (4.9%) and deposits and funds on corporate accounts (1.1%).
For details of banking sector development trends see the informational and analytical material ‘Russian Banking Sector Development in July 2017’ on the Bank of Russia website.
1 Relative banking sector indicators are influenced by ruble exchange rate dynamics, as well as the revocation and cancellation of licences of some credit institutions, except for licence cancellations due to reorganisation. Therefore, data for credit institutions operating as of the latest reporting date (including previously reorganised banks) are adjusted for the exchange rate in order to reflect the actual dynamics of key banking sector indicators with greater precision.