Page 79 - RusRPTDec22

(according to surveys of CIs, rates on newly issued loans rose in October by ~2 p.p.).
The growth of mortgage loan activity of Russian banks slowed down to 1.8% in October from 2.3% in September amid rising uncertainty for borrowers and banks, the Central Bank reported on November 21.
"According to preliminary estimates, mortgage loan activity slowed down to 1.8% in October from 2.3% in September, which is related to an increase in uncertainty both for borrowers and banks," the regulator said.
Mortgage loan extensions lost 13% to RUB448bn ($7.3bn) from RUB518bn ($8.4bn), according to the Bank of Russia.
The aggregate mortgage portfolio of Russian lenders stood at RUB13.5 trillion ($221bn) as of the end of October.
Mortgage lending is still rising in October but the pace has slowed.
According to preliminary data, mortgages slowed down in October to +1.8% (adjusted for securitization transactions by RUB 15 bn) from +2.3% in September due to increased uncertainty for both borrowers and banks.
Issues decreased by 13% (to RUB448bn from RUB518bn s), but stronger in the primary mortgage segment (-23%), while in the "secondary" reduction was only 5%.
The main decrease was in subsidized mortgages: in October decreased to RUB182 from RUB240bn s. in September, most significantly within the framework of the “Preferential Mortgage” at 7% (by 24%, to RUB119bn from RUB157bn).
79 RUSSIA Country Report December 2022 www.intellinews.com