For seven months of 2024, the total volume of car loans issued in Russia amounted to 1.4 trillion rubles, VTB analysts found out.
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This is almost twice as high as a year earlier. At the end of the entire year, the market will show a record volume of car loan sales – 2.3–2.4 trillion rubles. This forecast was voiced during a press conference by Georgy Gorshkov, Deputy President and Chairman of the Board of VTB.
According to VTB, the volume of car loan sales this year will be 55% higher than last year, when they reached 1.5 trillion rubles.
“Today, in Russian retail lending, the auto segment is perhaps the only one that is developing dynamically. In the second half of the year, we expect strong demand for new car loans and a decrease in loan issuance for used cars. This is due to the abundance of subsidized programs for manufacturers,” said Georgy Gorshkov , Deputy President and Chairman of the Board of VTB.
He added that the expected resumption of the state program in the third quarter could strengthen the trend of redistributing customer demand from the used car market to new ones.
Based on the results of seven months, VTB clients increased their demand for car loans by more than three times. More than 250 thousand clients received funds to purchase cars from the bank. The total amount of transactions approached 360 billion rubles. VTB's car loan portfolio reached 530 billion rubles as of July 1, having more than doubled since the beginning of the year. According to the bank's forecast, by the end of July, VTB's share in the volume of issuances will reach 26.4%, and the share in the car loan portfolio will increase from 12.5% at the beginning of the year to 21.5%.
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