Corporate lending and mortgages continue to grow actively in November
In November, bank lending to companies (including bonds) rose by 1.9% (vs +2.5% in October), with around a third of this increase accounted for by large state-owned and trade companies. Corporate demand for credit remained elevated amid a gradual recovery in economic activity against the backdrop of easing monetary policy.
Households’ outstanding mortgages were up by 1.4% in November, following a 1.2% rise in October, as high growth is typical of the mortgage segment at year end. Government-subsidised mortgages accounted for about 80% of all disbursements.
According to preliminary data, the consumer loan portfolio continued to contract (-0.7% in November vs −0.4% in October), primarily in the segment of cash loans.
In November, the increase in clients’ funds slightly decelerated to 1.2% (vs 1.6% in October). The amount of household funds barely changed, following a surge in October (+1.6%) in part associated with the advance payment of November social benefits. The rise in corporate funds sped up to 2.6% (vs 1.7% in October), owing to deposits in ruble accounts, including those of oil and gas companies.
The sector’s net profit totalled ₽394 billion in November (vs ₽310 billion in October), with non-operating income being the main contributor to the increase. The sector’s balance sheet capital was up by ₽421 billion, which exceeds the profit from the positive revaluation of securities, recognised directly in capital.
More details are available in the information and analytical material Russian Banking Sector Development in November 2025.