Mortgage growth accelerates as corporate lending slows in September
Mortgage debt grew 1.4 percent in September 2026, while growth in claims on companies slowed to 0.7 percent, the Bank of Russia reported on October 26. Borrowers brought forward mortgage deals before tighter subsidy terms.
Borrowers move before subsidy tightening
Claims on companies rose ₽0.8 trillion to ₽111.7 trillion, slowing from 1.3 percent growth in August; annual growth remained 13.3 percent.
Quarter-end interest payments partly explained the slowdown.
Preliminary mortgage debt reached ₽25.1 trillion, growing 1.4 percent after 0.5 percent in August.
Originations rose 62 percent to ₽617 billion, the highest monthly total of 2026; state-supported loans accounted for 70 percent, versus 56 percent.
Family Mortgage lending reached ₽399 billion, against ₽182 billion.
From October 1, rates and loan limits depend on the number of children, with subsidized rates limited to 15 years.
Unsecured consumer lending growth slowed to 0.9 percent from 1.7 percent; car lending slowed to 0.4 percent from 0.6 percent.
Public funding offsets deposit declines
Client funds fell 0.2 percent to ₽134.9 trillion: corporate balances declined 0.4 percent and household funds 0.1 percent.
Government funds rose 10.5 percent to ₽9.8 trillion; borrowing from the Bank of Russia increased 24.7 percent to ₽8.4 trillion, mainly through repo.
Ruble liquid assets covered 20.5 percent of client funds.
Net profit fell 5.9 percent to ₽414 billion as non-core income declined, while core profit rose 4 percent to ₽448 billion on lower provisioning.
Book capital rose 1.7 percent to ₽22.5 trillion; capital adequacy reached 13.7 percent.
Credit quality warrants attention
Problem corporate loans reached 12.9 percent in August, with coal and electricity companies contributing to deterioration.
The Bank of Russia calls uncovered exposures of ₽7.2 trillion manageable, citing gradual loss recognition and profits.
September corporate credit-quality data were not yet available.