The Bank of Russia is witnessing continued growth in both corporate and retail lending in August, said Bank of Russia Chairman Elvira Nabiullina during a press conference following a meeting of the Board of Directors. “The dynamics of lending in August also remained at a good level. We see, in general, continued growth of loans, both corporate and retail,” she said.
As reported, the corporate loan portfolio, according to the Central Bank of the Russian Federation, in July grew by 684 billion rubles (+ 1.6%), but most of the July growth was provided by attracting only a few large corporate borrowers. Retail loans also rose significantly in July (+ 1.7%) – noticeably higher than in the previous month (+ 1%).
As Nabiullina noted earlier, the retail loan portfolio of banks since the beginning of the year has grown by 6%, over the same period last year, the growth was 11%, but then the main driver of growth was unsecured loans.