Page 93 - RusRPTAug22

8.1.2 Loans
In June, the corporate portfolio increased by 34bn rubles. (+0.1%) only due to loans in rubles (+190bn rubles), and foreign currency decreased by 2.5bn US dollars, or 156bn rubles. in ruble terms. The decrease in foreign currency loans has been going on for the fourth month in a row in the context of changes in the structure of the economy and sanctions risks. The increase in ruble loans is due, among other things, to the issuance of 200bn rubles in June. within the framework of state programs to support backbone companies2.
Mortgage portfolio growth accelerated to 0.7% (according to preliminary data) from -0.1% in May, largely due to the growth in market mortgage issuance (up to RUB 127bn from RUB 43bn in May), taking into account the realization of pent-up demand amid rate cuts. Preferential mortgage lending is also gaining momentum. The amount of loans issued under the two main programs3 amounted to 121bn rubles, which is one third more than in May (92bn rubles). At the same time, the growth in disbursements was mainly for the “Preferential Mortgage” (up to 67bn rubles4 from 49bn rubles in May), including due to a reduction in the rate to 7% from June 215.
Unsecured consumer lending is also recovering (according to preliminary data, the increase in June amounted to +0.2%) after a three-month decline (-0.4% in May, -1.5% in April and -1.9% in March) . On the one hand, demand becomes more active as rates
93 RUSSIA Country Report October 2020 www.intellinews.com