In September 2020, the retail loan portfolio of Russian Agricultural Bank (RusAg, the Bank) exceeded RUB 500 billion, 61% of the portfolio are mortgage loans. The share of other credit products in the portfolio is 39%.
In 8M 2020, RusAg provided loans to individuals in the amount of over RUB 145 billion. The volume of mortgage loans for the specified period amounted to almost RUB 84 billion, which is 58% more than in the same period last year.
“Russian Agricultural Bank is developing a balanced range of retail products and services, offering high-quality banking services to citizens and rural residents. We are consistently working to increase the availability of financial resources for all categories of clients, including developing special programs aimed at supporting pensioners, public sector employees, military personnel and other social groups. The availability of financial products and services of the Bank is specified not only by their attractive conditions, but also by a large number of points of sale. The Bank’s regional network covers 82 regions of Russia, with 70% of our branches located in small towns and rural settlements. The correctness of the chosen strategy is confirmed by the trust in the Bank on the part of clients and the continued growth of the loan portfolio”, – Svetlana Vishnyakova, Head of the Retail Business Unit at RusAg, said.
The positive dynamics of lending growth became possible due to attractive conditions for retail loan products, at the moment, rates on consumer loans range from 5.9% per annum. Under the far Eastern mortgage program, the loan rate for the purchase of real estate starts at 2% per annum.
RusAg was also the first bank to join the state program “Comprehensive Development of Rural Areas”, providing under the program Rural mortgages at a minimum rate of 2.7% per annum and concessional consumer loans for residents of rural areas at a minimum rate of 3% per annum.
Russian Agricultural Bank is one of the leaders in the Russian retail lending market and is one of the largest banks in the country in terms of retail loan portfolio. The bank ranks 4th in terms of mortgage lending in Russia.
Note: Financial data is under RAS