MOSCOW, January 30. /TASS/. Growth of consumer lending in Russia is expected at 3-8% in 2024, while mortgage lending may rise by 7-12%, the Central Bank’s department director Alexander Danilov said.

"We expect rates [of mortgage lending growth - TASS] at 7-12% this year," he told reporters, adding that last year the mortgage portfolio of Russian banks climbed by 34.5%.

"Regarding consumer lending this year’s forecast is 3-8% considering the slowdown that we already see now, and considering our macroprudential policy aimed at limiting the risks of consumer lending," he said.

According to figures provided by the regulator, the portfolio of Russian banks’ consumer loans increased by 15.7% in 2023 after poor results (of around 3%) of the crisis 2022.

The portfolio of Russian banks’ corporate loans will rise by 5-10% in 2024, while customer funds will add 6-11%, Danilov said.

"We expect [growth by] 5-10% on the corporate portfolio [of loans]," he said, adding that funds held for customers, both legal entities and individuals, will increase in banks by 6-11%.