Sberbank halved its portfolio of business loans in unfriendly currencies
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Sberbank (MOEX: SBER) has reduced business loans in unfriendly currencies by half since March 2022, said the first deputy chairman of the bank’s board, Alexander Vedyakhin. At the end of September 2023, the share of such loans was 13.2%.
“The share of unfriendly currencies in the portfolio at the end of September was 13.2%; since March 2022, the portfolio has been halved due to redemption or conversion into friendly currencies and the ruble. In general, we are systematically reducing the share of loans in unfriendly currencies, and we have succeeded a lot,” said Mr. Vedyakhin on the sidelines of the Russian Energy Week forum (quoted from “Prime”).
At the same time, Alexander Vedyakhin noted that the conversion of loans from unfriendly currencies is now complicated by the weakening of the ruble exchange rate and high rates. “At the same time, the remaining portfolio in unfriendly currencies is serviced by borrowers in a timely manner. There are no problems with this,” emphasized the first deputy chairman of the board of Sberbank.
According to Frank RG, over the year the number of banks offering deposits in the currencies of unfriendly countries decreased by a quarter. In addition to Sberbank, VTB, Gazprombank, MTS Bank and Renaissance Credit stopped offering deposits in unfriendly currencies. Rosselkhozbank has reduced its line of deposits from four to one.
Read more about how Russian companies convert loans from unfriendly currencies in the Kommersant article. “Companies stood up for the converter”.
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