In September, retail lending in the Russian Federation increased by 1.8% to RUB 352 billion, according to information from the Bank of Russia.
Mortgage lending remains the key retail portfolio growth driver. According to the results of surveys of the major banks, the mortgage portfolio increased by more than 2% in September. The concessional lending programs, including the "Concessional Mortgage Lending at 6.5%" program, accounted for about one-third of the increase, with a total of about RUB 180 billion provided in such loans in September.
Consumer loans increased by 1.1%, slightly below the August increase (+1.6%) as the strong recovery in demand for consumer goods ended.
