In August, there was a continued active growth in corporate lending, while retail lending is growing more moderately.

The growth rate of corporate lending remained high (+1.9% in August, +2.3% in July). Companies from a wide range of industries attracted funds, mainly for working capital financing.

According to preliminary data, mortgages grew by a moderate 0.9% (+0.7% in July). There was a slight increase in the issuance of both market and subsidized mortgages, with about 90% accounted for by the «Family Mortgage» program.

Amid rising rates and tightening macroprudential regulations, consumer lending continued to slow down, with an increase of +1.3% in August, following +1.4% in July.

Household deposits in banks are actively growing (+1.3%; in July: +1.1%), particularly in term deposits in rubles due to high rates. Corporate funds also increased (+1.3%; in July: +1.6%), mainly driven by ruble balances from exporting companies.

The banking sector’s profit (after adjusting for dividends from subsidiaries) amounted to 435 billion rubles, primarily increasing due to positive currency revaluation caused by the ruble’s depreciation against the euro and the dollar.

For more details, read the analytical information material “On the Development of the Banking Sector of the Russian Federation in August 2024.”

Preview photo: Mikhail Metzel / TASS