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Sberbank CEO says mortgage portfolio growth expected at 15.9% by end of 2022

First Deputy CEO of the bank Kirill Tsarev said earlier that total mortgage loan disbursements were expected to decreased by around 14% by the end of 2022 in annual terms

MOSCOW, November 24. /TASS/. Sberbank’s mortgage portfolio may add almost 16% by the end of this year, and more than 9% next year, Chief Executive Officer of Russia’s top lender Herman Gref said on the sidelines of the AI Journey conference on Thursday.

"We expect mortgage loan lending by Sber to reach 2.45 trillion rubles ($40 bln) by the end of 2022. Sber’s portfolio growth is projected at 9.3% in 2023 (provided the State support-2020 program is cancelled), and 15.9% in 2022," he said.

First Deputy CEO of the bank Kirill Tsarev said earlier that total mortgage loan disbursements were expected to decreased by around 14% by the end of 2022 in annual terms. The bank registered a slowdown in mortgage disbursements in the first half of October but the dynamics recovered in early November, he added.