VTB’s retail loan portfolio rises 6.44% to 3.5 tln rbl Jan–Jul

MOSCOW, Aug 5 (PRIME) -- The retail loan portfolio of Russia’s second biggest lender VTB Bank rose 6.44% on the year to 3.493 trillion rubles in January–July, as seen by PRIME in the bank’s materials presented by Deputy CEO Anatoly Pechatnikov at a news conference on Wednesday.

Mortgage loans amounted to 1.84 trillion rubles, and cash loans to 1.42 trillion rubles.

The bank’s portfolio of attracted individuals’ funds grew 9.4% from the beginning of the year to over 5.8 trillion rubles including investment products, and 1.37% to 4.37 trillion rubles excluding investment products.

The investment product portfolio increased 42% to 1.49 trillion rubles in the period.

Pechatnikov said that VTB Bank reduced its mortgage rates under all basic programs by 0.5 percentage points to 7.4% or more, and that the bank expects that the government program of subsidized mortgage lending with an interest rate of 6.5% will be extended until the end of 2020.

VTB has worsened its forecast for Russia’s banking sector growth in 2020 to 4% in terms of attraction of clients’ funds, and to around 6% in terms of consumer lending, mainly thanks to a 12% rise of mortgage lending, the executive said.

Pechatnikov also said that his bank will implement a new outlet strategy in 2021, which envisages optimization to boost the efficiency.

(73.3806 rubles – U.S. $1)

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