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MIL OSI Translation. Region: Russian Federation –

Source: Central Bank of Russia – Central Bank of Russia –

Mortgage rates accelerated slightly (0.7% after 0.6% in January), which was expected given the low values in January due to the holidays. The growth of consumer lending in February did not change and remained at the January level (0.9%), which is still noticeably higher than the Bank of Russia’s expectations.

The growth of the corporate loan portfolio was moderate (0.6%) after the near-zero dynamics in January (-0.01%).

The strong influx of household funds (2.5%) is atypical for February and is likely due to the significant indexation of social payments and the preservation of attractive deposit rates. Company funds also grew quite significantly (1.0%).

Sector profit in February decreased by 22%, to 275 billion rubles (return on capital – 23% in annual terms) from 354 billion rubles (30%) in January. However, it is still higher than forecast due to the low cost of risk for corporate loans.

More detailed information is presented in the information and analytical material “On the development of the banking sector of the Russian Federation in February 2024”.

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Note; This information is raw content directly from the source of the information. This is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

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