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month on month, and down by 13% and 5% year on year respectively, RBC business portal reported citing the data of United Credit Bureau (OKB).
As reported by bne IntelliNews, the retail and unsecured consumer loans were hit the worst during the lockdown, but recovered during the summer.
But the decline of unsecured loans issuance in September was in stark contrast to the booming mortgage segment, and marked a possible reversal of the trend seen in July-August of 3-4% y/y growth.
The analysts surveyed by RBC and The Bell believe that the postponed post-lockdown demand for consumer loans could have exhausted itself in September. At the same time, the consumer retail crediting has no support from the state, which the mortgage market enjoys.
bne IntelliNews already reported that s maller banks that rely on retail crediting are seen as much more vulnerable as opposed to large banks that got their support from the mortgage segment. The trend could worsen should the second wave of the coronavirus (COVID-19) pandemic lead to more lockdown restrictions.
83 RUSSIA Country Report November 2020 www.intellinews.com
