Sberbank lowered the rates on consumer credits below pre-crisis levels – RBC

One of the branches of Sberbank in Saint-Petersburg

Photo: Petr Kovalev/TASS

the savings Bank has lowered rates across the range of consumer loans, bringing them to a level lower than before the crisis. The Bank believes that this will allow us to consolidate the achievements in the emerging trend to restore consumer

Sberbank from October 1, lowered interest rates across the range of consumer loans, the Bank.

Now the minimum bet for consumer credit under the guarantee of individuals will be a 13.9% annual, on consumer credits without collateral — 14.9% per annum in rubles.

Interest rates on consumer credits for servicemen — participants of the Accumulative-mortgage system (NIS) now account for 15.5% per annum in rubles, with the security and 16,5% per annum in rubles without collateral. The interest rate on loans to natural persons, a leading private farms is 20% per annum in rubles.

Minimum interest rate on consumer credits for the refinancing of loans, which allows you to refinance up to five credits is set at 14.9% in rubles.

“Today we have brought the rates on the entire range of consumer loans to a level below the pre-crisis — this will allow to consolidate the achievements of Sberbank in the emerging trend of recovery in consumer lending,” — noted the Director of Department of retail non-transactional products Sberbank Natalia alymova. According to her, after the may interest rate reduction on loans volume of issuance has increased to 70 billion rubles. per month with average monthly loans of 52 billion rubles, which the Bank had seen over the past two years.

the savings Bank reduces rates on loans following the Central Bank’s decision to reduce the key rate. “The fact that Sberbank has lowered interest rates, including the result of the reduction of the key rate of the Central Bank. In addition, this suggests that the quality of borrowers deteriorates and the proportion of bad debt does not increase. I think that the example of the savings Bank for the lower interest rates will be followed by other credit institutions”, — noted the senior analyst of “Aton” Michael Ganelin.

“the actions of the leading Bank of the country can stimulate the growth in consumer lending. A significant role in the growth of the credit portfolio of the Bank can play a running program of refinancing of credits of other banks”, — he added. All of these steps, in his opinion, will allow the savings Bank to maintain at the end of the year high net interest margin and to a record net profit of about 500 billion rubles.

the Demand for consumer loans, as evidenced by statements of Russian banks, is recovering in recent months. While issuance of consumer credits of Sberbank in August were the largest for the last two years, noted the country’s biggest Bank. For the last reporting date, at the end of eight months, the savings Bank has issued consumer loans worth more than 500 billion rubles, which is 1.5 times more compared to the same period of 2015, said the Director of Department of retail non-transactional products Sberbank. The portfolio of consumer credits of Sberbank of September 1 amounted to 1,395 trillion in August, the portfolio increased by 10 billion rubles.

the Reduction of interest rates on loans followed the revision of the rates for deposits. Sberbank on 30 September reduced rates on deposits 0,30–0,55 p. p. in rubles, 0,04–0,60 p. p. $ 0.04 to 0.39 p. p. Euro. The reason for these changes was a reduction in Central Bank key rates, as well as the General market trend for reduction in cost of raising funds, noted to credit organizations.

the Bank of Russia on 19 September decided to reduce the key rate by 0.5 percentage points, to 10%.