Russian banks cut arrears in retail portfolio to 4.4% in Sept - CBR
MOSCOW. Oct 9 (Interfax) - The share of arrears in the retail loan portfolio edged down from 4.5% to 4.4% in September, and in the non-financial organization loan portfolio it stayed at 4.9%, Deputy Chairman of the Central Bank of Russia (CBR) Mikhail Sukhov told Interfax.
"Data included in banks' reporting indicate a stabilization in the level of arrears on loans for non-financial organizations at 4.9%, while arrears on retail loans decreased a bit in September - from 4.5% to 4.4%," he said.
Russian banks stepped up lending to non-financial organizations by 0.6% and to private individuals by 2.5% in September. In August, the corporate loan portfolio expanded by 2.1%, and the retail loan portfolio climbed by 3.6%.
"Not accounting for foreign currency revaluations, loans grew by a larger amount in September," Sukhov said.
Foreign currency revaluations have an insignificant influence on the retail portfolio dynamic, since loans denominated in foreign currency account for 3.8% of this portfolio. "The growth rate of retail loans has been fluctuating at 41%-44% year-on-year for seven months in a row," Sukhov said.
"The currency component's share in assets is 22.9%; accordingly, the influence of the revaluation is bigger," he said.
In January-September 2012, Russian banks had consolidated profit before tax of 750 billion rubles, he said.
