Mortgage lending continues to rise sustainably in June
According to preliminary data, households’ outstanding mortgages increased by 0.6% over the month, following a 0.5% rise in May. Government subsidised programmes still account for the majority of disbursements.
The portfolio of consumer loans contracted by 0.4%, after near-zero dynamics in May, partly due to a halt in credit card debt growth.
In June, banks’ claims on companies, including investments in bonds, were up by 0.9% vs +0.4% in May. The increase was mainly driven by ruble loans (+0.7%), with a significant portion of them issued to housing developers.
There was a notable upturn in household deposits with banks (+1.5%), following seasonally weak dynamics in May (+0.2%). Contrastingly, corporate deposits edged down by 0.2% in June vs +0.4% in the previous month.
The sector’s monthly profit (net of dividends from Russian subsidiary banks) totalled ₽392 billion, which is a one-third rise as compared to May. However, this growth was largely associated with a one-off release of provisions and thus is not indicative. Banks’ year-to-date earnings amounted to ₽1.7 trillion, showing no change compared with the same period last year.
More details are available in the information and analytical material Russian Banking Sector Development in June 2025.