Corporate lending growth accelerates again in July
The growth rate of banks’ claims on corporates (including bonds) increased by 1.5% (vs +0.4% in June). Around a third of this growth was accounted for by large state-owned companies and two-thirds by borrowers from different sectors. The portfolio gained 13.8% in annualised terms (vs +13.7% a month before).
According to preliminary data, the growth rate of households’ outstanding mortgages edged down to +0.4% (vs +1.0% in June). The market cooled after the Russian Government postponed the tightening of the Family Mortgage programme terms. The increase equalled 10.7% in annualised terms (vs 11.0% a month before). The consumer loan portfolio continued expanding rapidly (+1.1% in July vs +1.3% in June), including in the segment of cash loans. The portfolio rose by 2.5% in annualised terms (vs +1.0% in June).
Household deposits with banks went up by a moderate 0.3%, matching the June pace. More subdued dynamics could be attributable to an upturn in consumption and sustained demand for cash. Corporate deposits rose by 0.6%, after having shown virtually no growth in June.
The banking sector’s profit reached ₽443 billion (+18% vs June), which was associated with a decline in loss provisions for corporate loans. The overall financial performance was slightly lower, at ₽422 billion, owing to a negative revaluation of debt securities recognised in equity.
More details are available in the information and analytical material Russian Banking Sector Development in July 2026.