Translation. Region: Russian Federation –
Source: Central Bank of Russia
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Corporate lending (including bonds) increased by 0.5% in December, up from 1.9% in November. This slowdown is typical for the end of the year, as government contract executors receive their payments and require less financing. Overall, growth for 2025 is expected to be 11.8% (18.1% for 2024).
Household mortgage debt increased by a significant 2.4% in December, largely due to strong demand for the Family Mortgage program. The annual increase was 9.0%, just slightly below the 10.9% expected in 2024.
The consumer loan portfolio continued to shrink (-0.7% in December) amid high interest rates and tight macroprudential policies. It decreased by 4.6% year-over-year after growing by 11.3% in 2024.
Household deposits in banks increased by a significant 5.6% in December, driven by the traditional advance payment of January social payments (including pensions and child benefits) and the payment of annual bonuses. For the year, growth was 16.2%, up from 27.7% in 2024.
The growth of legal entities' funds in December amounted to a slight 0.7%, and the annual growth was a moderate 7.7%, compared to 12.9% for 2024: the slowdown may be due, among other things, to a decrease in export revenues.
In December, banks' net profits fell by 55% to 176 billion rubles, due to increased reserve contributions and the year-end increase in operating expenses (primarily advertising and personnel costs). Overall, the sector is projected to earn 3.5 trillion rubles in 2025. Most of this profit (1.8 trillion rubles) is being used to replenish capital, allowing banks to continue lending to the economy. Banks also distribute a portion of their profits as dividends, including to the budget.
For more details, read the information and analytical material "On the development of the banking sector of the Russian Federation in December 2025".
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Please note: This information is raw content obtained directly from the source. It represents an accurate account of the source's assertions and does not necessarily reflect the position of MIL-OSI or its clients.