The outstanding balance of consumer credit in Ukraine continued to grow in constant value terms during 2021, albeit at its lowest rate since 2016. Gross lending also expanded at its lowest rate in constant value terms since 20216.
Consumer credit in Ukraine continues to digitalise. Lenders are increasingly using advanced analytics and AI to assess credit scores: The credit ratings of consumers are usually calculated from short online surveys they complete, in conjunction with an analyses of their banking transactions.
With house prices continuing to exhibit robust growth in spite of the economic shock of the pandemic, mortgage/housing remained by far the top performer in consumer lending in terms of its rate of growth in gross lending during 2021. The housing market is particularly strong in the largest cities – most notably Kiev and Odessa.
The government continues to play a key role in consumer credit in Ukraine. Privatbank, Oschadbank and Ukreximbank are all state-owned, while the government also has a majority stake in Ukrgazbank.
There will be no more than modest growth in both the outstanding balance of consumer credit and consumer credit gross lending in constant value terms during the forecast period as a whole. In an environment of rising interest rates and elevated economic uncertainty, both lenders and borrowers are likely to remain quite cautious.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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