Corporate lending trends upwards in March, while retail lending growth accelerates
Bank lending to companies (including bonds) edged up by 0.4% in March 2026 (vs +0.6% in February 2026). Like in January–February 2026, the slowdown was associated with advance payments under government contracts, due to which contractors’ demand for borrowings declined.
According to preliminary data, the increase in households’ outstanding mortgages sped up from 0.2% in February to 0.3% in March. Government subsidised mortgages accounted for nearly 60% of total disbursements, just like a month before.
The consumer loan portfolio slightly expanded, namely by 0.4% (according to estimates), after its 0.7% contraction in February. Concurrently, the cash loan segment continued to decrease, while borrowers’ demand for credit cards remained high.
Households’ funds with banks edged down by 0.01% in March after their 1.9% growth in February. That was partly attributable to a rise in retail investors’ demand for alternative instruments. Legal entities’ funds declined by 3.3% after their 2.7% increase in February, which was largely associated with payments of part of February taxes in early March, as well as payments of taxes for 2025.
In March, the banking sector earned ₽448 billion (+14% vs February), but its profit was driven by non-operating (volatile) income.
More details are available in the information and analytical material Russian Banking Sector Development in March 2026.