Page 83 - RusRPTSept21

8.1.2 Loans
Corporate lending in July accelerated to 1.5% (RUB700bn) after 0.4% in June, which is significantly higher than the average monthly rate of the first half of 2021 (+ 0.8%).
The portfolio growth was in a wide range of large companies from such industries as telecommunications, oil and gas, food processing, transport. Companies could shift their borrowing plans, to fix interest rates on loans before their possible increase by banks.
Lending to housing developers remains a significant growth factor (over RUB170bn).
Mortgage lending expectedly slowed down - according to preliminary data, to 2.0% after 3.0% in June, which is largely due to the tightening of program conditions preferential mortgage: in July, RUB54bn were issued within its framework. against RUB185bn in June4. But part of the decline was probably offset by family mortgages after expanding the program from July 1 to families with one child.
Unsecured consumer lending slowed slightly (to 1.7% in July after 2.0% in June), which is associated, among other things, with an increase in macroprudential markups from July 1 to risk ratios to dock levels.
The slowdown could have been even more noticeable if not for seasonal factors supporting consumer lending, such as increased spending during vacations and before the start of the school year.
For further cooling growth rates in this segment, the Bank of Russia decided to further increase from October 1, 2021 6 markups to risk ratios for issued high-margin loans (LOI25%) and loans to borrowers with a high debt burden (PDT50%).
83 RUSSIA Country Report September 2021 www.intellinews.com