Corporate Lending in January-April 2021

Sergey A. Zubov – Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Сandidate of Economic Sciences, Associate Professor (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Once the Bank of Russia lifted regulatory easing related to the pandemic, the quality of corporate loan portfolios of Russian banks did not deteriorate: the average level of past due debt remains stable and at a low level; the growth rate of corporate lending corresponds to the 2020 values; the interest rates dynamic is moderately volatile.

At the same time, the increase in banks’ risk appetite in the context of economic recovery requires increased attention of the regulator to the quality of the bank’s corporate portfolio and the adequacy of risk accounting. Accumulated credit risks can become a source of problems for the banking system in the event of destabilization of the economic situation in the wake of epidemiological, political and other factors.

Key words: Russian banking sector, corporate lending, Bank of Russia.

JEL-codes: D81, E58, G21, G38.