VTB: the retail market will maintain the trend of a "credit thaw"

      March 20, 2026 16:08 Economy The decision of the Central Bank of the Russian Federation regarding the key rate sets a clear vector for further revival of credit activity in the retail market. According to VTB's estimates, in the first quarter, loans to individuals in Russia may amount to about 2.3 trillion rubles. This is an increase of more than 50% compared to the first quarter of last year. At the same time, the trend towards savings is also maintained, especially for "long-term" deposits and savings accounts.

      Alongside the decrease in loan rates, the situation in the savings market will continue to change. Given the trend towards easing the regulator's policy, banks may begin to lower the yields on deposits. This encourages depositors to lock in current high rates: it is now much more profitable to switch to long-term deposits with terms of one year or more to preserve yields for the future. For short-term strategies, savings accounts remain relevant. By the end of the year, VTB expects a 10% growth in the total volume of liabilities.

      "The reduction of the key rate stimulates activity in the retail market. Banks are intensifying competition for borrowers, not only by lowering rates but also by reintroducing refinancing programs. For clients, this is an opportunity to save and afford purchases during the peak of the spring season. Alongside the opportunity to 'buy', the trend to 'save' remains relevant. Deposit rates continue to outpace inflation, especially for long terms, and savings accounts have already established themselves as the people's 'electronic wallet' with additional benefits," comments Alexey Okhorzin, Senior Vice President and Head of the Retail Business Products Department at VTB.

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