Retail lending picks up noticeably in November
Retail lending accelerated in November for both unsecured consumer loans (+1% vs 0.3% in October) and mortgages (+2% vs 1.8% in October). Such dynamics may be related to the realisation of pent-up demand as the situation stabilises to some extent.
Corporate lending growth slowed to 1% after record levels in August—October (about 2.5% per month), but this is still a significant result.
Household deposits in banks resumed growth (+0.9%) after a slight outflow in October (-0.3%). Corporate funds increased significantly — by 1.7%, mainly due to balances in ruble accounts of oil and gas companies. Government funds increased by almost 8% due to OFZ placements as well as tax and dividend revenues.
For more details, see the information and analytical material >Russian Banking Sector Development in November 2022.