The level of payment discipline among clients of Russian banks has dropped to its lowest level since the pandemic in 2020.
The negative consequences of the consumer lending boom that swept Russia amid the war in Ukraine have begun to emerge: the level of payment discipline among Russian bank clients has fallen to its lowest level since the pandemic in 2020. This said The Moscow Times in relation to data from the Scoring Bureau.
The “credit consciousness” index, which takes into account defaults on loans, fell to 1.53 points on October 1 from 1.83 points last year, and the period of its continuous decline – three quarters in a row – has been unprecedented in the 12 years of available statistics.
From the beginning of 2024 to the end of August, 800 thousand Russians fell into loans from banks, and the total number of defaults reached 6.2 million.
At the same time, mortgage arrears are growing: at the end of September, their total volume jumped by 37% year-on-year, to 136 billion rubles. The number of loans for which bank clients stopped paying on time reached 52.2 thousand compared to 47.8 thousand in January.
The Bank of Russia has not yet seen a problem: according to its statistics, 3.5% of consumer loans were overdue in September – the same as at the beginning of the year, and less than a year ago (3.7% in September 2023). In financial terms, the amount of arrears reached only 1.6 trillion rubles.
The Federal Bailiff Service sees arrears many times higher than the Central Bank – it has debts worth 3.4 trillion rubles in its work.
In January-September, 10.9 million cases were initiated in the country to collect debts from individuals, and its total value – 1.4 trillion rubles – exceeded the result of the previous year.
As you know, Russian dictator Vladimir Putin said that the Russian economy “continues to grow at a great pace.”
Source: korrespondent
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