Lending speeds up in all segments in August
The growth rate of mortgage lending in August reached 2.0% after 1.3% in July, which corresponds to the average monthly increase in 2021. The rise in unsecured consumer lending sped up to 1.8% from 0.7% in July, which is also close to last year’s levels.
Banks considerably expanded their corporate loan portfolio (+2.4% in August vs +1.2% in July), including funding of a number of major investment projects. The trend towards portfolio dedollarisation is maintained.
Businesses’ funds increased by 4.5%, largely due to deposits from oil and gas companies. Household funds grew slightly (+0.1%), mostly because of school and holiday expenses. Government funds reduced by 6.7%. More details are available in the information and analytical material Russian Banking Sector Development in August 2022.