In June 2022, VTB issued retail loans for 130 billion rubles, which is one and a half times higher than the result for May, said Anatoly Pechatnikov, deputy chairman of the bank’s board, in an interview with Russia 24 TV channel (VGTRK).
„The stabilization of the economic situation made it possible to avoid a long-term stagnation of the credit market, and already in June we recorded a sharp increase in loans issued compared to May. First of all, the activity of mortgage borrowers is recovering – they were seriously supported by state programs. The dynamics of demand for unsecured loans is still less, but here we expect on the seasonal factor associated with high consumer activity in summer and autumn,” Pechatnikov said.
„Nevertheless, we do not expect the retail market to recover to the level of 2021. A repeat of sales in 2019-2020 is more realistic, but this will require a further reduction in the key rate, as well as possible easing of the Central Bank for the full growth of the consumer loan market. So far this year the population to a greater extent chooses a savings model of behavior,” said the deputy chairman of the board of VTB.
The Bank predicts further growth in the demand of individuals for loans, taking into account the seasonal factor and lower rates.
In the first half of 2022, VTB provided loans to individuals in the amount of 713 billion rubles, of which almost 432 billion rubles were mortgages, 254 billion rubles were cash loans and 27 billion rubles were car loans. VTB’s total portfolio of retail loans has grown by almost 14% since the beginning of the year, to 4.77 trillion rubles.
The bank expects an increase in the issuance of mortgages in the second half of the year against the backdrop of improved lending conditions. Thus, Russian banks, according to VTB forecasts, in July-December can issue mortgages for 2.7 trillion rubles, while in January-June they provided 1.8 trillion rubles of mortgage loans.
VTB expects an increase in the mortgage portfolio in the sector as a whole in 2022 by about 15%, Pechatnikov noted.
„In general, we will be in positive territory, the entire financial sector of the country, I think that the population’s loan portfolios will grow by 5-6%, there will be no reduction in loan portfolios, we will see maximum growth in mortgages,” the deputy chairman said.