The volume of loans issued to Crimeans increased almost 1.6 times

Over the 9 months of this year, residents of the republic received 62.7 billion rubles in consumer loans from banks, which is almost 1.5 times more than in the same period last year. At the same time, the volume of issued mortgage loans doubled and amounted to 21.5 billion rubles.

In general, the retail loan portfolio in the Republic of Crimea grew by 30.9% over the year and, as of October 1, 2023, exceeded 125 billion rubles. Its growth rate in the region exceeds the all-Russian figure (+23.1%) and the value for the Southern Federal District (+29.6%).

The growth drivers were both mortgage and consumer lending. This is largely due to the effect of deferred demand. High demand for mortgages continues to be supported by preferential government lending programs that increase the affordability of housing for people,” explains Igor Tsvetkov, Head of the Bank of Russia Branch for the Republic of Crimea.

Almost half of the region’s residents’ credit obligations are mortgages. Its portfolio increased by 39.8% over the year and as of October 1, 2023 amounted to 61.8 billion rubles. The consumer loan portfolio grew by 23.3%, to 63.6 billion rubles.

The positive dynamics of funds raised from banks continues. As of October 1 of this year, residents of the region placed almost 170 billion rubles on deposits and current accounts. This is 28% more than at the same date last year. The rate of their growth in the republic still exceeds the all-Russian (+23.5%) and the value for the Southern Federal District (+25.9%).