Lending to Russian economy falls 0.4% due to one-off factors in Dec, grows 9.4% in 2025 - CBR

MOSCOW. Jan 30 (Interfax) - Lending to the Russian economy fell 0.4% in December after growing 1.5% in November, the Central Bank of Russia said in a commentary.

"In December 2025, lending to the economy followed a trend of one-off fluctuations, caused by the specific structure of certain deals," the CBR said.

The change in money owed by organizations contributed significantly to the trend of lending to the economy in December, decreasing 0.7% over the month after growing 1.8% in November. In 2025, this grew 11.8% excluding currency revaluation.

"Non-financial companies continued to increase ruble-denominated borrowings from banks in the form of loans and borrowings, primarily long-term, as well as bonds. Financial organizations began to pay off the liabilities they had accumulated more actively at the end of the year. Excluding the one-off effect of specific deals, there was a growth in claims on organizations, though this was less than in October-November, which can partially explained by the seasonality of state procurement payments," the CBR said.

The volume of corporate loans fell 0.2% in December after growing 1.9% in November. In 2025, corporate lending grew 10.3% excluding currency revaluation.

Money owed by households continued to increase moderately, by 0.4% in December versus 0.5% in November, while this growth was contained by mortgage securitization and consumer loan deals, the CBR said. Debt grew mainly in the mortgage lending segment, prompted by higher demand before conditions for family mortgages become tougher. The non-mortgage loan portfolio shrunk. In 2025 overall, claims on households grew 2.8%.

The volume of loans to private individuals grew by the same 0.4% in December, versus 0.5% in November. Retail lending rose 3% in 2025.