Lending speeds up across all segments in 2024 Q2, while household funds continue to grow rapidly
The corporate portfolio growth rate surged to 5%, which is more than twice the rate observed in 2024 Q1. Over a third of this growth was accounted for by the segments characterised by low sensitivity to tight monetary conditions: project financing of housing construction, lending to earlier launched investment projects, etc. Furthermore, high incomes allow companies to service their debts even amid elevated interest rates. Taking into account companies’ demand for loans in 2024 H1, the annual forecast was raised to
Mortgage portfolio was up by 6.3% in anticipation of the reduction in government support from 1 July. However, the annual forecast was kept unchanged within the range of
Consumer lending went up by 5.9%, which was attributed to elevated consumer spending amid rising household incomes. Therefore, the 2024 forecast was revised upwards to
The inflow of household funds into bank accounts over the quarter equalled 6.5%, which was caused by growing household incomes as well as high interest rates and compound interest on deposits, among other factors. In 2024, this indicator might be in the range of
In 2024 Q2, the banking sector’s profit shrank to ₽0.8 trillion. Nonetheless, banks managed to maintain their margins at the level of around 4.4%, and their provisioning costs were relatively low given good credit quality.
More details are available in the quarterly review Banking Sector.