Corporate lending growth slows in January as usual
Bank lending to companies (including bonds) contracted by 0.4% in January 2026 (vs +0.5% in December 2025). These dynamics are generally typical of the beginning of a year when the demand for loans declines largely due to higher payments under government contracts in December–January.
Households’ outstanding mortgages increased by 0.9% (vs +2.4% in December), which is a high growth rate for the beginning of a year. This rise is partially attributed to the tightening of the Family Mortgage programme terms from 1 February 2026. The consumer loan portfolio expanded by 0.9% (vs −0.7% in December). This may be associated with significant growth in people’s expenses during the New Year holidays.
As usual, households’ funds with banks decreased in January (-1.4%) following their notable rise in December (+5.6%). This pattern occurs every year: in December, individuals receive annual bonuses and social benefits, paid in advance, and then in January, they withdraw part of the funds from their accounts and generally spend heavily during the long holidays. Companies’ funds with banks continued to grow moderately by 0.2% in January (vs +0.7% in December).
The banking sector’s profit totalled ₽394 billion in January, which is more than in the previous month (₽176 billion) – in December, advertising and staff costs normally peak and provisioning amounts increase. However, the sector’s overall financial performance turned out to be slightly lower, specifically ₽357 billion, which was due to the negative revaluation of securities recognised in capital.
More details are available in the information and analytical material Russian Banking Sector Development in January 2026.