21 Oct 2015 15:48

Retail lending in Russia to rise 7%-8% in 2016 - Zadornov

MOSCOW. Oct 21 (Interfax) - Retail lending in Russia might grow 7%-8% in 2016, VTB 24 President Mikhail Zadornov said.

"Growth somewhere around 7%-8%, maybe as much as 10%," he said during a press conference on Wednesday. "We [VTB 24] will grow faster than the market," he added.

Deposits may increase 10%-12% next year compared with 18%-20% this year.

The bank is assuming that Russia will have zero economic growth or a shallow decline in 2016 and that real wages will shrink 2%-3%.

Whether or not the program of state support for mortgage lending is prolonged will also effect the retail lending trend, he said, adding that VTB is in favor of extending the program.