MIL OSI Translation. Region: Russian Federation –
Source: Central Bank of Russia –
The growth rate of corporate lending remained high (1.9% in August, 2.3% in July). Funds were attracted by companies from a wide range of industries, mainly for working capital financing.
Mortgages, according to preliminary data, grew by a moderate 0.9% (0.7% in July). A slight increase was shown by the issuance of both market and preferential mortgages, where about 90% fell to the “Family Mortgage”.
Amid rising rates and tighter macroprudential regulation, consumer lending continued to slow, growing 1.3% in August after 1.4% in July.
Household funds in banks are actively growing (1.3%; in July: 1.1%), especially in term deposits in rubles due to high rates. Legal entities’ funds also increased (1.3%; in July: 1.6%), mainly ruble balances of exporting companies grew.
The banking sector’s profit (adjusted for dividends from subsidiary banks) amounted to 435 billion rubles, having increased mainly due to positive currency revaluation caused by the decline in the ruble exchange rate against the euro and the dollar.
Read more in the information and analytical material “On the development of the banking sector of the Russian Federation in August 2024”.
Preview photo: Mikhail Metzel / TASS
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
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EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.