Page 92 - RusRPTApr21

8.1.2 Loans
In February, the corporate portfolio grew by RUB352bn (+ 0.8%) after reduction by 0.2% in January or about RUB200bn. The growth was accounted for by repo deals with financial institutions. Another RUB90bn was issued to developers of housing within the framework of project financing.
Large banks experienced strong growth in corporate lending from the top 100 banks (+ 2.3%) that are not systemically important credit institutions (SLCO), at the same time, the dynamics of the middle section banks was more modest (+ 0.5%).
The growth of the mortgage portfolio, according to surveys of the largest banks, accelerated in February (+ 1.8%) after a seasonally low January gain (+ 1%), but still below the monthly average rates in September-December 2020 (about 3% 3).
The share of loans from the "Preferential mortgage 6.5%" program was about 30%. The volume of issues increased almost twofold compared to January, up to RUB108bn, but still lags behind the peak values in the autumn of 2020 (about RUB160bn on average per month). In total, since the launch of this program, loans have been issued worth more than RUB1.2 trillion.
The growth of unsecured consumer lending also intensified6 (+ 1.0% after + 0.7% in January) against the backdrop of a recovery in consumer activity and an improvement in the economic situation.
92 RUSSIA Country Report April 2021 www.intellinews.com