BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/24
In annual terms, the loan stock still increased, but the growth was lower than previously. In January-April, the stock of corporate loans was up 17 % y-o-y and the stock of loans granted to households up 4 %. Taking into account Russia’s current inflation of around 16 %, the volume of corporate borrowing has practically not increased at all in real terms and household borrowing is down substantially.
About half of corporate loans exceed three years, and about a third of corporate loans are denominated in foreign currency. The stock of non-performing corporate loans increased by a third in the first four months of this year, but the rate of increase has been lower than during the 2008-2009 financial crisis. Non-performing loans represented 6 % of the corporate loan stock at the end of April. The share of non-performing loans to households was 7 %.