In the first four months of 2023, banks issued 11.2 million consumer loans to Russian borrowers, marking an increase of nearly 100 percent from the same period the year before. This rise comes from data provided by the Scoring Bureau and reported by the TASS agency, reflecting a return to pre-crisis levels in consumer lending for Russia.
The Scoring Bureau reported that the total value of these loans reached 2.2 trillion rubles, up 86 percent compared with a year earlier. The average size of a consumer loan climbed by 38.1 percent year over year, reaching 204.6 thousand rubles. At the same time, the typical loan term shortened by 5.9 percent versus the previous year, standing at 27 months on average.
Oleg Lagutkin, managing director of the Rating Bureau, commented that absent any major external shocks, there could be a continued rise in the volume of issued consumer loans toward the end of summer and into early autumn. His assessment points to a potential acceleration in lending activity as economic dynamics evolve through the year.
The Scoring Bureau also noted that the share of consumer loans in default after 90 days has moved into an acceptable range, suggesting improved credit performance amid the expanding lending environment.
Socialbites.ca, citing MoneyMan statistics, observes that Russians have become more cautious about taking on micro loans to cover existing consumer debt following the economic shock experienced in 2022. This shift in behavior reflects a more conservative approach toward debt accumulation even as overall lending volumes rise.
Taken together, the data imply a shift in the Russian credit landscape where banks are restarting the pace of consumer lending, while borrowers appear to be navigating new economic realities with more measured risk profiles. Analysts emphasize watching default rates closely, as they will signal whether the improving loan performance can be sustained amid evolving macroeconomic conditions.