Page 91 - RusRPTJul21

The growth was driven by both tax receipts payments, and, probably, the payment of dividends by the largest bank on shares in the state donation property. At the same time, RUB0.4 trillion were allocated to subsidy payments under the program "Wage Fund 2.0", under which part of preferential loans to pay salaries of employees are paid from budgetary funds.
In total, since the beginning of the year, the volume of retail deposits has more than doubled to RUB8.6 trillion, including due to the transition of the Federal Treasury to the Single Treasury Account.
8.1.4 NPLs
In May, overdue corporate debt increased by RUB22bn (0.7% m/m) - the growth was due to individual borrowers and is not of a systemic nature, says the CBR.
Restructured Loans to large companies in April were worth RUB94bn, which is 12% less than in March. May numbers are not available yet.
The volume of consumer debts overdue by at least 30 days has started to climb once more — it was 8.4% for May and the Central Bank’s key rate hikes are likely to filter into consumers’ ability to repay what they owe. However, the level remains low and is not yet a problem for the banking system.
In retail, the growth of NPLs was not so significant and amounted to RUB13bn (1.3%), which is lower than the average monthly growth for 2020 (1.6%).
91 RUSSIA Country Report July 2021 www.intellinews.com