Page 98 - RusRPTOct22

8.1.2 Loans
Sberbank will start providing loans to companies in yuan, as well as in rupees in the future, First Deputy Chairman of the Board Alexander Vedyakhin said. "We are already starting to lend in yuan and we are seeing rather keen demand for it. We are working with the Indian rupee actively, though the demand for such loans is not high so far, but if it emerges, we are also ready to offer it up. So far, those are two main large currencies that we are focusing on," he told reporters at the Eastern Economic Forum (EEF).
The growth of the corporate portfolio accelerated to 2.4% (+1.3 trillion rubles), which is higher than the results of July (+1.2%) and the average monthly rate in 2021 (+0.9%).
Since the beginning of the year, the corporate portfolio has grown by RUB2.8 trillion. (+5.5%), which is only slightly less than the results of the same period last year (+3.0 trillion rubles, +6.3%).
In August, loans were provided to companies from a wide range of industries, including the financing of a number of large investment projects, which may indicate the gradual adaptation of companies to structural changes and the recovery of economic activity. At the same time, a relatively small amount was issued as part of state programs to support backbone companies (about 65bn rubles2 after 160bn rubles in July).
The trend towards devaluation continues – loans in rubles are growing at an accelerated pace (+1.8 trillion rubles, +4.1%), including as a result of the conversion of foreign currency loans into rubles, which have been declining for
98 RUSSIA Country Report October 2022 www.intellinews.com