Corporate lending maintains high growth rates in October
The portfolio of corporate loans increased by 2.3% (+2.0% in September), with a number of large loans issued for investment purposes.
The growth of mortgage portfolio slowed down to 0.7% (vs 0.9% in September), with the amount of new loans remaining stable and that of repayments edging up. Unsecured consumer lending contracted (-0.3% vs +0.7% in September) amid higher interest rates following key rate hikes and tighter macroprudential policy.
Given the persistent growth of rates, October saw a pick-up in the inflow of both household funds (+1.3% as in September) and corporate funds (+1.5% after +1.8% in September).
The sector’s profit was ₽348 billion or by 4% more than in September (₽336 billion). One-off factors made a major contribution to the results obtained. As adjusted for the negative revaluation of securities and subordinated loans included directly in capital, the overall financial performance of the sector amounted to only ₽77 billion (vs ₽208 billion in September).
The total capital adequacy ratio (N1.0) was 12.0%, while the regulatory capital increased by 1.0% due to the profit recognised in it.
More details are available in the information and analytical material Russian Banking Sector Development October 2024.