Lending slows down expectedly in January
Mortgage lending growth slowed down appreciably in January (to +0.6%, according to preliminary estimates) after a record growth in December 2022 (+3.3%) due to long holidays and an increase in the subsidised mortgage lending rate. Consumer lending also went up insignificantly (+0.5%).
The corporate loan portfolio slightly declined (-0.2%) due to a seasonal slowdown in business activity and income inflows into corporate accounts.
After December’s record inflows (+7.6%), household funds declined as expected (-2.7%). Traditionally, at the end of the year, incentive and bonus payments are made, social benefits are paid in advance, while in January people withdraw some funds from their accounts. Corporate funds increased significantly (+4.0%) due to the performance of public procurement contracts and inflow of funds from oil and gas companies.
Monthly profit of the sector reached 258 billion rubles, which is 1.5 times higher than a year ago.
For more details, see the information and analytical material Russian Banking Sector Development in January 2023.