VTB, Russia's second-largest bank, predicts a 14.2% increase in the retail lending market, and a 19.3% increase in mortgages in the country this year, as it follows from a presentation made by the bank at a press conference on Tuesday.
Earlier, in mid-May, senior vice president of VTB Andrey Osipov reported that the bank expected the mortgage market to grow by 14%. Thus, the bank has raised its market growth projections.
Deputy Chairman of the bank’s Board, Anatoly Pechatnikov, noted that the revision of the forecast for loans and mortgages is due to a tendency to revive consumption while financial borrowing is lower than expected. “I will not say that we see a turn of the model from savings to a credit one among the population”, he added.