Page 150 - RusRPTAug24

adjustment)
Current year net profit
257,98 6
330,00 0
244,00 0
244,00 0
244,00 0
244,00 0
244,00 0
244,00 0
244,00 0
244,00 0
244,00 0
244,00 0
244,00 0
Return on assets, %
MoM, %
1
1.2
-0.1
2.3
1.1
1.1
2.8
0.8
2.5
2
2.2
-0.6
1
YtD, %
1.1
2.4
2.3
4.6
5.7
5.7
11.4
12.3
15.1
17.4
20
-0.6
0.4
YoY, %
7.1
13.5
14.8
14.8
16.7
16.7
21.1
21.1
22.7
24.1
20
19.1
19.1
YoY 3m, %
27.6
9.4
8.5
13.6
13.1
13.1
26.2
25.1
24.7
21.4
27.2
14.2
10.3
Liabilities RUB mn
Individuals funds*
35,582 ,075
36,956 ,000
37,722 ,000
38,173 ,000
39,277 ,000
39,277 ,000
40,415 ,000
40,879 ,000
41,298 ,000
41,977 ,000
44,921 ,000
44,867 ,000
46,111, 000
Corporate funds
46,345 ,131
46,089 ,000
45,781 ,000
46,349 ,000
46,581 ,000
46,581 ,000
49,732 ,000
50,240 ,000
49,855 ,000
50,637 ,000
53,381 ,000
53,465 ,000
54,273 ,000
Loans received from the Bank of Russia
4,566, 408
4,176, 000
4,273, 000
4,571, 000
4,276, 000
4,620, 000
5,167, 000
source: CBR
8.1 Bank sector overview
In mid-2023, the Central Bank began raising the key rate again. Russians, realizing that loans were becoming more expensive, started applying for them sooner, causing overall loan volumes to jump to 2.4 trillion rubles ($27.8 billion) per month. This growth continued into 2024, driven by further government measures. Early this year, Russian authorities discussed curtailing preferential programs, primarily subsidized mortgages (a highly advantageous program for borrowers: while market rates were around 20 percent, the government offered loans at eight percent). Additionally, the Central Bank signaled a potential key rate increase. In response, Russians rushed to secure loans before rates increased. While the Central Bank has yet to release its official June report, analysts from Frank RG estimated that the volume of loans issued to individuals in that month increased by 13.74 percent (up 202.1 billion rubles, or $2.3 billion, compared to May 2024).
Another significant factor is income growth. Central Bank Head Elvira Nabiullina noted that people take out loans because “they’re confident in their future incomes” and feel they can “finance an improved life now.” According to Russia’s Federal State Statistics Service (Rosstat), real disposable incomes grew by more than five percent in 2023 and continued to grow in 2024. Independent analysts indirectly confirmed this, noting that consumer confidence indices are near historical highs.
The main driver of this income growth is the rapid increase in wages across
150 RUSSIA Country Report August 2024 www.intellinews.com