Page 59 - RusRPTJan22

8.1.2 Loans
Corporate lending growth rates decelerated m/m, printing +0.7% in November vs. +1.6% in both September and October, with corporate overdue loans (excl. the ones already written off) shrinking -0.7% m/m. Still, in y/y terms, corporate lending growth rates were marginally up, at +12.2% in November vs. +12.0 in October. Adjusted for seasonality, the corporate loan portfolio growth is still accelerating.
Retail lending excl. mortgages increased 1.6% m/m in November,
accelerating from October's +1.4% m/m. However, the headwinds from macropru measures are increasingly visible, putting growth below that of 2Q21, with monthly increases of over 2%, and total retail lending incl. non-securitised mortgage loans is moderating. Overdue retail loans in November increased 1.5% m/m, in line with October's reading of +1.4% m/m.
Mortgage loans (accounting for securitization) kept mounting, registering +2.3% m/m for the second consecutive month. The growth was mostly driven by various reduced rate loan programmes, with 24% of new housing loans falling under this category.
Generally, the lending figures are down from their peaks, pointing to credit impulse normalisation from its mid-2021 highs.
Higher interest rates did not keep loan demand from households from expanding. Although analysts saw some moderation y/y, sequential growth rates pointed to a persistent expansion in retail demand (+23.6% y/y and +1.7% SA m/m) and mortgages (+25.4% y/y and
59 RUSSIA Country Report January 2022 www.intellinews.com