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mortgage rates by mobilisation: against its background, the risks of non-repayment of loans are growing.
The situation with mortgage rates was studied by Kommersant. According to the publication, since the beginning of October, eight banks from the top 20 have already raised rates. Among them are Sberbank, VTB, Gazprombank, Raiffeisenbank and others. The rates rose the most at Uralsib Bank - by 1.5 percentage points at once, to 12.99%. Sberbank and VTB raised rates by 0.5 percentage points to 10.4%. As a result, now the mortgage rates of 12 largest banks exceed 10% per annum, and five - 11%.
The increase in rates affected the own programs of credit institutions in the primary and secondary markets, as well as refinancing. ATB plans to raise rates on preferential programs - the Far East mortgage and mortgages with state support for new buildings - to 1.5% and 6.7%, respectively.
Sberbank and Alfa-Bank attributed the increase to the growth in OFZ yields (rates increased by 1–1.5 percentage points over the month). Gazprombank, Uralsib and Zenit Bank pointed to an increase in the cost of funding. Other banks (VTB, Bank Saint-Petersburg) refer to the actions of competitors.
8.1.2 Sberbank news
The corporate loan portfolio of Russia’s top bank Sberbank increased by 10.3% in January–September to 17.4 trillion rubles, Deputy CEO Anatoly Popov told reporters on Thursday on the sidelines of Made in Russia 2022 forum. “The corporate loan portfolio grew by 10.3% since the beginning of the year excluding revaluation. The portfolio reached 17.4 trillion rubles,” he said, adding that corporate lending in September hit a record for 2022 and returned to the level of 2021. Russian companies file 2,500 debt restructuring requests totaling 4bn rubles to Sberbank per week on average, but there is no wide-scale need in restructuring of the loans issued to small and micro-businesses the owners of which have been mobilised, Popov said. He also said that the bank had received about 25bn rubles of requests from potential borrowers under a government industrial mortgage program at 3–5% for up to 7 years. Sberbank is ready to consider launching bi-currency deposits in rubles and the currencies of friendly countries, similar to what it did for the ruble–yuan pair, if there is demand, he said.
8.1.3 Bank news
The Eurasian Development Bank will invest a total of about $11 bln over the next five years, Russian President Vladimir Putin said on Friday at the Russia - Central Asia summit.
VTB does not expect losses in the second half of 2022, though the bank
83 RUSSIA Country Report November 2022 www.intellinews.com