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Lending growth decelerates to 28.2%


On Friday, the CBR published lending stats for July, which reveal that lending growth decelerated to 28.2% YoY (from 29% in the last two months). Funding remains scarce, as loan growth was largely financed by CBR funds (up 14.5% MoM).

Lending continued to decelerate in both corporate (down to 23.6% YoY from 24.4% in June) and retail (down to 43.1% YoY from 44.4%) while the MoM changes clearly show the effect of seasonality.

Retail deposits were broadly flat (up 0.3% MoM, net of the FX change) with the YoY growth rate falling to 20.8%, from 22% in June. Corporate funds are up 1.7% (up 20.8% YoY)

The slowdown in lending growth is still rather gradual and we see the autumn statistics being an important point for assessing it. Still, funding is the main obstacle for further growth.

Mikhail Shlemov, Svetlana Aslanova
VTB Capital analyst

CBR, FX market

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