The CBR has published preliminary banking sector statistics for January. The corporate loan book declined 0.2% MoM, although its YoY growth accelerated to 13.6% from 12.7% in December. The retail portfolio was up 0.8% MoM (39.7% YoY or broadly flat vs December). Retail deposits decreased 1.3% MoM while assets were down 2.2% MoM.
The statistics came in line with the seasonal first quarter trends (it is traditionally the weakest in terms of demand for loans). However, we are reiterating our view that in 2013 we shall see loan growth decelerate significantly to 14.5%, from 19.1% in 2012, against a weaker macroeconomic backdrop.
Mikhail Shlemov, Svetlana Aslanova
VTB Capital analyst
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