Banks record considerable inflow of organisations’ funds in November
According to preliminary data, mortgage lending continued to expand fast in November, increasing by 2.3% including securitised loans. Consumer lending growth stayed more moderate (+1.6%) for three consecutive months as compared to the summer peaks. Among other reasons, this was owing to the macroprudential measures implemented earlier.
The increase in corporate lending slowed down nearly two times as compared to the previous months (+0.7% vs +1.6% in September—October), which was partly due to the repayment of a number of large short-term loans.
The inflow of organisations’ funds (+4.3%) hit a six-year high, largely because of higher government expenditures. Contrastingly, the inflow of households’ funds shrank slightly (-0.1%). Moreover, the decline was recorded in current accounts, whereas time deposits increased moderately, which is typical of recent months owing to growing interest rates.
In November, the banking sector’s net profit declined by a third to 151 billion rubles (return on capital — by 15.5% in annualised terms), including due to the negative foreign currency revaluation.
More details are available in the information and analytical material Russian Banking Sector Development in November 2021.