Russian banks accelerate growth rate of corporate loans in Oct, retail dynamics moderate - CBR

MOSCOW. Nov 12 (Interfax) - Russian banks accelerated the growth rate of corporate lending in October compared to September, while retail lending dynamics remained moderate, the Central Bank of Russia said in its commentary on monetary conditions.

According to current data, the growth in claims on organizations in October exceeded the September level. In October, claims on the population continued to show moderate dynamics.

According to a survey of banks, the easing of lending conditions in Q3 2025 affected all segments of the credit market. The main factors behind the easing of bank lending conditions were the reduction of the key rate, competition among banks for reliable borrowers and an improved situation with domestic funding.

A recovery in loan demand in Q3 was observed only in the mortgage segment.

According to estimates from respondent banks, demand for consumer loans and loans to SMEs did not change significantly compared to Q2, while demand from large businesses continued to decline. However, the need for restructuring among corporate borrowers continued to increase.

Overall, banks expect that demand for new loans will recover from both retail and corporate clients in Q4. In their opinion, the easing of lending conditions will mainly affect the retail lending segment. In addition, contrary to the usual intra-year seasonality, banks expect an increase in loan demand in Q1 2026, explaining this in terms of expectations of a further easing in monetary policy.