Corporate lending slows in September after notable growth in August
Banks’ claims on companies (including bonds) increased by 0.7% in September 2025, compared to +1.7% in the previous month. As in August 2025, the rise was mostly driven by ruble-denominated corporate loans, primarily issued to developers, oil and gas producers, and transport companies.
Households’ outstanding mortgages (including the mortgage portfolio and securitised loans) continued to grow at a moderate pace (+0.8% in September vs +0.9% in August), predominantly due to government programmes, with the share of subsidised mortgages remaining significant (~80%). Nevertheless, the amount of new market-based mortgages is gradually increasing, while staying rather small because of still high interest rates.
According to preliminary data, the consumer loan portfolio contracted by 0.1% in September, compared to its close-to-zero dynamics in August. The amount of newly issued cash loans was down, whereas that of credit cards edged up.
The growth rate of clients’ funds dropped to 0.6% from 1.3% in August.
The sector’s net profit increased to ₽367 billion, mostly because of a reduction in provisioning and a rise in net interest income.
Please note that the principle of calculating certain indicators and their growth rates has been changed in order to harmonise banking and monetary statistics.
More details are available in the information and analytical material Russian Banking Sector Development in September 2025.