Page 77 - RusRPTJul20
P. 77
As for the retail RUB portfolio, the situation was inverted: deposits grew 1.9% in m/m terms (with RUB434bn out of the total RUB455bn increase attributed to the ‘Big 4’), while the loan book shrunk 0.9% MoM. We highlight that the increase in retail deposits happened alongside a noticeable jump in cash holdings.
8.1.4 NPLs
While the level of non-performing loans (NLPs) has not been badly affected yet, punters are taking advantage of the protection the government has offered.
Individuals have filed a bit more than 2mn loan restructuring applications as of the last week of May,
Over the period of May 28-June 3, only 115k applications were submitted, which is the lowest since the CBR started publishing these numbers and down more than 30% from May 21-27.
Banks have reviewed 93.5% of the applications and have approved 61.4% of those, according to the CBR on June 8. The approval rate was 61.8% a week prior.
“Still, more than 85% of the applications have been made under banks' own restructuring programs rather than the official state program. Some RUB510bn ($7.5bn) of retail loans have been restructured since March 20, up from R479bn a week earlier, or around 3% of total outstanding retail loans,” Sberbank said.
SMEs have submitted 129k restructuring applications in the last week of May, which is only slightly up from 125k a week earlier, and some RUB587bn of
77 RUSSIA Country Report July 2020 www.intellinews.com
