Banking sector grows moderately in January due to long holidays
18 February 2021
News
Retail lending slowed down in January (+0.8%), mostly because of a seasonal decline in the demand for mortgage loans. Corporate lending slightly contracted (-0.2%).
Over the month, households’ deposits decreased by 2.7%, after their surge in December (+4.9%), which is typical of these two months. Funds in corporate accounts edged up (+0.5%) owing to a rise in foreign currency balances.
The sector’s net profit totalled 205 billion rubles in January, up from 159 billion rubles in December. This growth was associated with positive foreign currency revaluation.
More details are available in the information and analytical material Russian Banking Sector Developments in January 2021.
