In September, growth in corporate lending continues to surge but slows down in unsecured consumer lending
The growth rate of corporate lending remained high in September (+2.0% vs +1.9% in August). Companies from a wide range of sectors were raising both working capital loans and loans to fund investment projects.
According to preliminary data, mortgages edged up by 0.9%, similarly to August. Subsidised and market-based mortgage lending remained at the August level with loans under the Family Mortgage programme accounting for over a half of total loans.
The growth rate of consumer lending declined by almost 50% to 0.7% as compared with 1.3% in August.
The inflow of households’ and legal entities’ funds into banks was growing (by 1.3% and 1.8%, respectively) amid a continuous increase in interest rates.
The sector’s profit amounted to ₽336 billion, which is 23% lower than in August (₽433 billion), mainly owing to a decline in the positive foreign currency revaluation. The financial performance, adjusted for the revaluation of securities and subordinated loans recognised directly in capital, amounted to ₽208 billion.
The sector’s balance sheet capital was up by ₽221 billion (+1.4%), driven by the financial performance and increased capitalisation of individual banks.
More details are available in the information and analytical material Russian Banking Sector Development in September 2024.