Lending growth speeds up in February after seasonal decline in January
Over the month, the portfolio of mortgage loans edged up by 1.5%. The most significant increase (1.8 times) was in loans issued under the Family Mortgage programme as a result of its expansion. Consumer lending demonstrated moderate growth, as before (+0.5%).
The corporate portfolio resumed growth in February (+1.5% vs −0.2% over the previous month), with the downward trend in the proportion of foreign currency loans remaining.
Households’ funds with banks rose notably (+2.0%) after a seasonal contraction at the beginning of the year, whereas corporate funds increased moderately (+1.1%) mostly driven by oil and gas companies.
Banks’ profit in February totalled 293 billion rubles (return on capital — 29.0% in annualised terms), but this result was largely attributed to foreign currency revaluation amid the ruble weakening.
More details are available in the information and analytical material Russian Banking Sector Development in February 2023.