Robust credit growth continues across all segments in June
The mortgage portfolio grew by 2.5% in June, with a shift in demand towards the secondary market, where housing prices remain lower than in the primary market. This can be seen by a more significant rise in market mortgages (+11%) compared to subsidised mortgages (+6%).
Consumer lending also continued to grow at a rapid pace (1.6%), but a market slowdown can be expected in the second half of the year as macroprudential limits tighten starting from 1 July 2023. The growth of the corporate loan portfolio accelerated to +1.3 from 0.8% in May.
The amount of funds held by households in banks increased significantly (+2.1%), including due to large budget payments. Conversely, corporate funds decreased moderately (-1.0%) in view of tax payments and a decline in oil and gas revenues.
Banks reported a profit of ₽314 billion in June, which was 15% higher than the May result (₽273 billion), mainly due to income from currency revaluation.
More details are available in the information and analytical material Russian Banking Sector Development in June 2023.