Page 89 - RusRPTFeb23

In terms of individual components of assets, the dynamics were quite even, corporate and retail lending showed similar growth rates. The real growth rate of corporate lending in November was +1%, and by the standards of recent years, this result is not bad at all. However, in the last six months, lending growth rates have been significantly higher (more than 2% per month, the last time such growth was in 2008). So in November, there was some slowdown in dynamics to more standard levels. According to the Bank of Russia, the growth of corporate lending in November was primarily associated with construction financing, while otherwise lending covered a large number of industries. On a rolling 12-month period as of December 1, 2022, real growth in corporate lending amounted to +13.3% against an increase of 10. 4% as of December 1, 2021. RIA Rating experts expect that in the coming months the growth rate of corporate lending may increase against the backdrop of continued replacement of external fixing, as well as due to increased demand for borrowed resources for business transformation.
89 RUSSIA Country Report February 2023 www.intellinews.com