From the beginning of the year Russian banks have reduced their personal credit portfolio by 8.3 percent
According to the Bank of Russia, in July, 2009, the volume of personal credits issued by Russian banks was reduced by 0.4 percent, from the beginning of 2009 the portfolio has decreased by 8.3 percent. Thus on August, 1, we’ve seen a negative dynamics for the 12 months before the reporting date, – a 1.5 percent decrease. And it’s the first time for the last 1.5 years. At the same period of 2008 the gain was 25.8 percent.
The volume of corporate credits also has decreased by 0.2 percent, however from the beginning of 2009 we’ve been observing nominally a small gain – 2.4 percent against of 22.7 percent growth for the same period of 2008. As a whole on August, 1, 2009, the credit portfolio has totaled 20.25 trillion roubles, including 3.68 trillion roubles of personal credits.