Corporate lending growth sped up significantly (to 1.6%) in September as compared to the average monthly rate recorded at the beginning of the year (+0.9%), according to the information and analytical review Russian Banking Sector Development in September 2021.
As regards the retail segment, the growth of mortgage lending accelerated slightly from 1.8% in August to 2.1% in September, whereas the expansion of consumer lending slowed down from 2.2% to 1.7%.
Households increased their bank deposits by 0.8%, including time deposits — by 0.9%. This was driven by higher deposit rates, as well as additional social payments to pensioners. In September, the inflow of corporates’ funds remained significant (+1.8%), primarily in large commodity companies’ accounts.
The banking sector’s net profit totalled 196 billion rubles in September (return on capital — nearly 20% in annualised terms), which is almost 20% below the level in August. This reduction was caused by, among other things, a negative revaluation of fixed income debt securities.
This news item was originally published by the Central Bank of the Russian Federation (CBR RU). For more information, please see the Source Link.