The Central Bank of Russia published its September 2026 banking sector assessment, showing slower growth in business and consumer lending alongside accelerating mortgage borrowing. Banks’ claims on businesses, including bonds, rose 0.7%, down from 1.3% in August. Consumer lending growth eased to 0.9% from 1.7%, with new cash and credit card lending both declining. Preliminary data showed outstanding household mortgages increased 1.4%, compared with 0.5% in August, as borrowers sought to sign contracts before the tightening of Family Mortgage program terms from Oct. 1, 2026. The share of government subsidized mortgages consequently increased to 70% from 56%. Annual mortgage portfolio growth reached 10.8%, up from 10.2% in August. Banking sector net profit fell 5.9% to RUB 414 billion in September, partly reflecting lower dividends from subsidiaries and losses on securities transactions. Household funds held with banks declined 0.1%, following a 0.2% decrease in August. Legal entities’ funds fell 0.4%, reversing August’s 1.9% increase.
Central Bank of Russia reports faster mortgage growth as business and consumer lending growth slows in September
The Central Bank of Russia reported that mortgage growth accelerated in September 2026 while business and consumer lending growth slowed. Preliminary data showed mortgage balances rose 1.4%, up from 0.5% in August, as borrowers sought contracts before tighter Family Mortgage program terms from Oct. 1. Banking sector net profit declined 5.9% to RUB 414 billion, partly reflecting lower subsidiary dividends and securities transaction losses.