Lending across all segments accelerated in the second quarter of 2024, while household funds continued to grow rapidly.
The corporate portfolio growth rate surged to 5%, more than twice the rate observed in the first quarter of 2024. Over a third of this growth was attributed to segments characterized by low sensitivity to tight monetary conditions, such as project financing for housing construction and lending to earlier launched investment projects. Additionally, high incomes allowed companies to service their debts even amid elevated interest rates. Considering companies' demand for loans in the first half of 2024, the annual forecast was raised to 10–15%.
The mortgage portfolio increased by 6.3% in anticipation of a reduction in government support from July 1. However, the annual forecast remained unchanged within the range of 7–12%, considering more moderate growth rates expected in the second half of 2024 following the termination of large-scale subsidized mortgage programs and tightening terms for family mortgages.
Consumer lending rose by 5.9%, attributed to elevated consumer spending amid rising household incomes. Consequently, the forecast for 2024 was revised upwards to 12–17%.
Household funds inflow into bank accounts over the quarter equaled 6.5%, driven by growing household incomes, high interest rates, and compound interest on deposits, among other factors. In 2024, this indicator might range between 16–21%.
In the second quarter of 2024, banking sector profits shrank to ₽0.8 trillion. Nonetheless, banks managed to maintain their margins at around 4.4%, with relatively low provisioning costs given good credit quality.
More details are available in the quarterly review Banking Sector.
Preview photo: Yegor Aleyev / TASS