Corporate lending continues its rapid growth in 2024 Q3, while retail lending slows down
The corporate portfolio continued to grow quickly (6.4% vs 5% in 2024 Q2). The main growth occurred in segments that are less sensitive to monetary tightening, namely project financing for housing construction and lending to earlier launched investment projects implemented by large companies. The annual forecast was revised upwards to
Mortgage growth decelerated to 2.4% from 6.3% due to the termination of the extensive non-targeted government subsidised programme. By the end of the year, the growth will equal 15% (excluding securitisation transactions —
Households’ funds in bank accounts continued to grow but more slowly than in 2024 Q2 (+3.8% after +6.5%). In part, this situation is explained by high holiday expenses. Furthermore, taking into consideration that a significant seasonal inflow of funds may occur in 2024 Q4, including due to the payment of annual bonuses in anticipation of higher tax payments, the annual forecast was raised to
The increase in corporate funds sped up to 4.7% from 2.2% — primarily ruble funds of exporting companies were up. The annual forecast was adjusted upwards to
The banking sector’s revenue reached ₽1.1 trillion, although the overall financial performance was lower at ₽0.8 trillion, given the negative revaluation of securities included directly in capital.
More details are available in the quarterly review Banking Sector.