Long-term retail loan portfolio growth slowed in July, corporate lending growth accelerated - Central Bank of Russia

MOSCOW. Aug 9 (Interfax) - Growth for the long-term retail loan portfolio slowed in July, according to preliminary data, the Central Bank of Russia said in a commentary.

The slowdown could have been influenced by both the curtailment of the general preferential mortgage lending program and the tightening of macroprudential policy for consumer lending, as well as the securitization of mortgage portfolios, the regulator said.

Corporate lending growth quickened in July.

The Central Bank said bank lending conditions had tightened in the second quarter, mainly in terms of higher interest rates. Banks also noted the influence of macroprudential measures on tightening requirements for borrowers in the retail segment. According to estimates by lenders, the trend for lending conditions to tighten might continue in the third quarter and to some extent in the fourth quarter of 2024.