Lending in September generally maintains robust pace

Mortgage lending growth sped up to 2.4% (above the average monthly growth in 2021) from 2% in August. However, higher uncertainty may slightly reduce this pace in the coming months. According to preliminary data, unsecured consumer lending has already slowed from 1.4% to 0.9%.

The pace of corporate lending has been high for the second consecutive month (+2.5% in September after +2.4% in August). Banks mainly issued ruble-denominated loans to businesses across a wide range of industries.

Household funds declined by 1.4%, with their outflow registered in the second half of the month. General government funds were also down (-5.1%) because of the need to finance budget expenditures. However, this was compensated by a considerable inflow of corporate funds (+2.3%) mainly from the oil and gas sector. Banks also raised additional liquidity from the Bank of Russia (+36.5%).

For more details, see the information and analytical material Russian Banking Sector Development in September 2022.