The growth rate of corporate lending remained high in August, showing a 1.9% increase compared to 2.3% in July. Companies from various sectors raised borrowings, primarily through working capital loans.
Preliminary data indicates that mortgage lending edged up by 0.9%, slightly higher than the 0.7% increase observed in July. Both market-based and subsidized mortgage lending saw slight growth, with 90% of new loans issued under the Family Mortgage program.
Consumer lending continued to expand at a slower pace due to rising interest rates and tightening macroprudential regulation. The growth rate for consumer loans was 1.3% in August, down from 1.4% in July.
Household funds deposited with banks increased rapidly by 1.3%, compared to a 1.1% rise in July, driven mainly by high rates on time deposits in rubles. Companies' funds also grew, particularly ruble account balances of exporters, which were up by 1.3%, though this was slightly lower than the 1.6% increase seen in July.
The banking sector's profit, adjusted for dividends from subsidiary banks, amounted to ₽435 billion. This increase was largely due to positive foreign currency revaluation resulting from the ruble's weakening against the euro and the US dollar.
More details can be found in the information and analytical material titled "Russian Banking Sector Development in August 2024."
Preview photo: Mikhail Metsel / TASS