VEDOMOSTI. Household loans granted by Sberbank topped Rb 1 tln. Two years ago this amount was lent to households by all Russian banks, but now the aggregate figure is 3 times higher. Yesterday Sberbank itself announced a new record. As of March 1, based on CBR data, loans provided to Russian citizens amounted to Rb 3.1 tln.
In early March at a meeting between Vladimir Putin and Sberbank CEO and board chairman German Gref the President criticized the state-run bank that corporate loans account for a bigger portion and requested to be much friendlier to households. Sberbank strives to focus on lending individuals, Gref said at that time. Apparently, Putin’s critics produced an impression on Sberbank’s management, AntantaPioglobal’s Maxim Osadchy notes and loans extended to Russian citizens took a sharp rise.
In Q108, according to Sberbank’s data, its retail credit portfolio jumped 6.9%. This rate of growth is twice as large as in Q107 when this indicator grew 3.5% (up 36% in 2007). Be that as it may, Sberbank seems to be more willing to lend corporate clients: aggregate loans climbed 8.6% to Rb 4.5 bln in January-March 2008, including Rb 3.3 bln lent to legal entities (an 8.2% increase).
Osadchy points out that 7% is a substantial rate of growth, i.e. 30% on an annualized basis. This is a strong result, Raiffeisenbank’s board member roman Vorobiev agrees, as it’s difficult to increase a big portfolio. Rb 1 tln is an impressive figure, general director of Interfax-CEA Mikhail Matovnikov notes. According to his estimates, Sberbank could reach the Rb 1.5 tln mark at the beginning of 2009. But, in the meantime, its share on the retail lending market will be squeezed.
The bank could regains its positions, Vorobiev thinks, but a new credit policy, e.g. the granting of unsecured loans, is needed. Likewise, Sberbank virtually distances itself from the market of auto loans and credit cards. Be that as it may, as Gref said recently, this June Sberbank would break on the credit card market and did not rule out that the lending institution would begin to grant auto loans at AvtoVAZ dealers.
Sberbank still remains the leader on the retail lending market, Alfa Bank chief economist Natalia Orlova says, but this year this segment could grow at a slower pace. Longer term, the retail loan market retains big growth potential, Orlova thinks: last year this market expanded 68% and could reach $190 bln this year (up 44%). Orlova notes that only 28% of the population takes retail loans, i.e. penetration is low.
