MOSCOW, March 26. /TASS/. Incremental growth of mortgage portfolio totaled 0.7% month on month in February 2024, the Bank of Russia said.

"According to preliminary data, incremental growth was 0.7% in February after 0.6% in January. This is generally in line with our expectations of the market cooldown (7-12% in 2024). Mortgage loans were extended to the amount of circa 330 bln rubles ($3.6 bln), which is approximately 20% higher than in January (272 bln rubles ($2.94 bln)). Such changes generally reflect the typical seasonality: January normally ‘dips’ because of lengthy holidays," the regulator said.

According to the regulator, disbursements of subsidized and market-based loans continued growing in February 2024 (by 15% and by approximately 40% respectively). The high disbursement rate of market-based loans is largely explained by the effect of the lower January base.