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Sberbank CEO expects 'serious cooling' in Russian mortgage market

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MOSCOW, Nov 8 - Russia's biggest bank Sberbank expects a sharp cooling of the mortgage market following an expected 80% rise in mortgage lending this year, CEO German Gref said on Wednesday.

"Despite the fact that we will most likely see a serious cooling in the near future, 2023 can still be called a successful year for the Russian mortgage market," he said at a financial forum in Moscow. Sberbank said on Tuesday it expected record profits this year but anticipated a slight decrease in corporate lending and a significant slowdown in retail.

Vyacheslav Dusaleyev, head of retail business at Rosbank, gave corresponding forecasts of 7.3 trillion roubles this year and 5 trillion next year.

 

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