Lending edges up in February
The corporate portfolio was up by 0.1% in February after a 1.2% drop in January. Growth in lending was still constrained by large budget expenditure, as companies that had received compensation under state contracts did not need loans.
Mortgage lending gained 0.2% after a seasonal decrease in January (-0.2%). The consumer loan portfolio continued to decline (-0.9% vs −0.3% in January) amid high interest rates and strict macroprudential policy.
Household funds with banks rose by a significant 1.9% after a seasonal drop in January (-0.8%). The growth was supported by deposit interest rates that remained attractive. Business funds with banks hardly changed (+0.1%) after a moderate inflow in January (+0.5%).
In February, the sector’s profit decreased by a quarter to ₽214 billion from ₽286 billion in January due to a rise in operating expenses and a negative foreign currency revaluation.
More details are available in the information and analytical material Russian Banking Sector Development in February 2025.