VTB Bank: Russia’s Jan–Jun mtge lending hits record of 3 tln rbl

MOSCOW, Jul 3 (PRIME) -- The combined mortgage loans hit an-time record of 3 trillion rubles in January–June, Russian’s second biggest lender VTB Bank said in a research note on Monday.

“As per the estimate of VTB, banks provided mortgage loans worth 600 billion rubles to individuals in June, overshooting the results of May. The mortgage lending in general reached 3 trillion rubles in the first half of the year, growing by more than 10% as compared with the record demand of January–June 2021,” the research note read.

The June result has become the third best month for mortgage lending over the entire history of the country’s mortgage market being overshadowed only by the 697 billion rubles issued in December 2022 and 641 billion rubles issued in December 2021.

VTB Bank alone issued about 22,000 mortgage loans totaling 108 billion rubles in June and 106,000 loans totaling 550 billion rubles in January–June, a 27% growth as compared with January–June 2022. At the same time, the average loan contracted by 400,000 rubles in the period to about 4.9 million rubles because client demand has shifted in favor of the secondary housing market, the bank said.

(88.3844 rubles – U.S. $1)

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