The corporate lending sector saw continued growth in September, with the rate increasing to 2.0% from 1.9% in August. Companies across various sectors sought both working capital loans and funding for investment projects.
Preliminary data indicated that mortgages increased by 0.9%, maintaining a similar level to August. Both subsidized and market-based mortgage lending remained steady, with the Family Mortgage program making up more than half of the total loans.
Consumer lending experienced a significant slowdown, with growth dropping nearly 50% to 0.7%, compared to 1.3% in August.
Deposits from households and legal entities into banks rose by 1.3% and 1.8%, respectively, as interest rates continued to climb.
The banking sector's profit was reported at ₽336 billion, marking a decrease of 23% from August's ₽433 billion, primarily due to a decline in positive foreign currency revaluation. Adjusted financial performance, excluding securities and subordinated loan revaluations recognized directly in capital, stood at ₽208 billion.
Balance sheet capital for the sector increased by ₽221 billion (1.4%), driven by improved financial performance and higher capitalization of individual banks.
Further details can be found in the report titled "Russian Banking Sector Development in September 2024."