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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 growth rate of corporate lending in May was close to the maximum values of 2018 and amounted to 7,3% yoy. 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 the placements reached 0,1 trillion rubles.
This was followed by adjustments in May: the portfolio of ruble loans decreased by 89 billion rubles, and the portfolio of corporate bonds at outstanding par value increased by four billion rubles. However, at the same time, retail loans began to grow. The volume of lending to individuals increased in May by 0,2% versus April, against a fall of 0,7% in April versus March 2020. At the same time, last year the growth of this portfolio was higher - about 1,4% per month. This slows down the annual growth in lending.
Along with the growth of lending, arrears also increase. Now about 4,7% of the debt is overdue, at the beginning of the year this figure was lower and amounted to 4,3%. At the same time, experts expect an increase in the level of overdue debt due to a drop in income during the pandemic.
In May, the outflow of funds from deposits decreased. Household deposits decreased by 40 billion rubles, but then they began to grow by 0,5% at the end of May 2020. This, according to experts, indicates the cessation of the outflow of funds. Foreign currency deposits of Russians also 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.
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.