All news

Consumer lending rate high in May, Bank of Russia says

Portfolio of consumer loans grew by 1.7% in May

MOSCOW, June 22. /TASS/. The consumer loans portfolio ticked up by 1.7% in May against 1.2 in April 2023 and reached 12.6 trillion rubles ($155.3 bln), the Bank of Russia reports on Thursday.

The corporate loans portfolio of domestic banks gained 0.8% in May 2023 and totaled 63.7 trillion rubles ($785.2 bln), the regulator noted.

"Corporate lending continues growing, although at a slower pace (+0.8% or 528 bln rubles ($6.5 bln) after +1.6% in average in February - April), which is generally in line with the average monthly rate of 2021 (+0.9%). Ruble-denominated loans were only growing (+672 bln rubles ($8.3 bln); +1.3%)," the Central Bank said.

The rate of consumer lending remained rather high in May (+1.7%), driven by high consumer activity remaining and softer credit policy of banks.