Corporate Lending in January-August 2022

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

The resilience of the Russian banking system on the back of the surplus of liquidity and capital security allows banks to expand supply on the corporate lending market amid the worsening issues of Russian business. An important role in maintaining the high rates of corporate lending was played by the monetary policy easing conducted by the Bank of Russia since April of this year. According to the results of 8 months of 2022, the overall growth in the volume of lending to legal entities did not significantly lag behind the previous year’s rates. The quality of the loan portfolio remains satisfactory; the share of overdue debts is decreasing compared to the previous crisis years.

Key words: Russian banking sector, corporate lending, credits for legal entities, Bank of Russia, sanctions.

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