The Central Bank of the Russian Federation (CBRF) predicts a restrained increase in household funds in bank accounts in 2024, in particular, 8–13% versus 20% in 2023. This is stated in the quarterly publication published on March 13 report regulator “Banking sector”.
“In 2024, more moderate dynamics are expected: the growth of funds of organizations will be in the range of 7–12%, and the funds of the population will be 8–13%,” says the Central Bank of the Russian Federation.
The Central Bank also reported that corporate lending increased by 6.2% during the quarter, and at the end of the year showed a record growth of 20.1%. However, this year the pace of lending may be reduced to 6-11% due to tight monetary conditions.
“In 2024, we can expect a noticeable cooling in retail: the growth in mortgages is forecast to be 7-12% per year, and the growth in consumer lending – 3-8%,” the report specifies.
In addition, the Central Bank of the Russian Federation expects the net profit of the banking sector at the end of 2025 at the level of 2.6-3.1 trillion rubles, in 2024 – 2.3-2.8 trillion rubles.
Earlier, on March 1, Deputy Chairman of the Central Bank of the Russian Federation Olga Polyakova announced that the regulator would expand the list of systemically important banks in 2024. Currently, the list of systemically important banks includes 13 organizations, which account for about 78% of the total assets of the Russian banking sector.
On the same day, First Deputy Chairman of the Central Bank Olga Skorobogatova said that the Central Bank carried out about 25 thousand transactions as part of testing the digital ruble. It was also reported that the share of non-cash payments in Russian retail turnover at the end of 2023 amounted to 83.4%.
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