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Corporate lending in Russia has grown during the pandemic
Analysts at Otkritie Research found that corporate lending in Russia had peaked despite a pandemic. Experts are also observing recovery in the retail segment.
According to the press service of Otkritie Bank, the annual corporate lending growth rate in May turned out to be close to the maximum values of 2018 and amounted to 7,3% year-on-year. The reason for this growth, according to experts, is the active replacement of ruble placements on the debt market with loans in March-April. The increase in ruble loans amounted to 1,9 trillion rubles, while placements reached 0,1 trillion rubles.
After that, adjustments occurred in May: the portfolio of ruble loans decreased by 89 billion rubles, and the portfolio of corporate bonds at an outstanding face value grew by four billion rubles. However, at the same time, retail loans began to grow. The volume of lending to individuals in May increased by 0,2% compared to April, against a decline of 0,7% in April against March 2020. At the same time, last year the growth of this portfolio was higher - about 1,4% per month. This slows down annual growth in lending.
Along with the growth in lending, overdue debt is increasing. Now about 4,7% of the debt is overdue, at the beginning of the year this indicator was lower and amounted to 4,3%. At the same time, experts expect an increase in arrears due to a fall in income during a pandemic.
In May, the outflow of funds from deposits decreased. Deposits of the population decreased by 40 billion rubles, but then began to grow by 0,5% in May 2020. This, according to experts, indicates the cessation of the outflow of funds. Foreign currency deposits of Russians began to grow - from $ 88,2 billion in April to $ 89 billion in May. At the beginning of the year, the volume of foreign currency deposits amounted to 96,5 billion dollars.
Despite the fact that the banking system increased its profit growth in May, the results obtained are lower than in 2019. Pre-tax profit in May amounted to 45 billion rubles, which is 39% of the level of May 2019, but better than in April of this year, when profit was only 30% of the level of the previous year.