Clients’ funds with banks actively grow in May
Deposits and accounts of legal entities increased significantly (+2.2%), mostly those of oil and gas companies, which was mainly due to high commodity prices and increased exporters’ earnings. Households’ funds also continued to grow actively (+0.8%).
The corporate portfolio shrank slightly (-0.2%), and lending activity retarded, as companies are still facing difficulties with logistics and looking for new partners and target markets. The mortgage portfolio remained almost unchanged (according to preliminary data, it contracted by 0.1%), with most mortgage loans still issued under government subsidised lending programmes. Unsecured consumer lending has been decreasing for three consecutive months (according to preliminary data, by 0.4%).
For more details, see the information and analytical material Russian Banking Sector Development in May 2022.