| Household deposits in banks increased by $7.5 billion The dynamics of household deposits in commercial banks continues to meet the expectations of economists and businesses. According to the State Statistics Committee (GKS), published on Friday, the volume of private deposits in the first half of the year increased by $7.45 billion (21.5%) - to $42.1 billion. More than half of the increase, as before, accounts for Sberbank, but its share in the total deposit portfolio for individuals has already decreased to 65%.
Amid calls to restore citizens' trust in banks, household deposits in the banking system are growing at a rate of 50% annually for the third year in a row. Based on the State Statistics Service data, as of July their share in the total liabilities of banks can be estimated at 26%. However, this is far from the limit, given the size of the country’s population and the fact that such favorable dynamics are attracting more and more new players to the retail business and private banking.
About 56% of the increase—$4.23 billion—accounts for Sberbank. Since January, the monopolist, which has twice reduced rates on ruble deposits this year, has increased the volume of private deposits to $27.37 billion (by 18%). Thus, public funds occupy about 64% of the structure of Sber's liabilities. At the same time, its share in the total volume of deposits, which traditionally serves as one of the indicators of the successful development of the banking system as a whole, has decreased from almost 69 to 65% since the beginning of the year.
This year, a new trend in the structure of deposits has been a reduction in their foreign currency portion over the past two months. By July 1, deposits in foreign currency amounted to $14.3 billion (as of June 1 - $433.6 billion) - only 9% more than at the beginning of the year, and in rubles - 839.8 billion ( 27.8 billion dollars) against 649.1 billion (21.4 billion dollars) at the beginning of the year (an increase of 29.9%).
The head of the banking department of RA Interfax, Mikhail Matovnikov, believes that the move away from foreign currency (primarily dollar) deposits is a temporary phenomenon. Since August, against the backdrop of lower rates on ruble instruments (including deposits), switching to dollars has become obviously profitable. “The main reason for the reduction in the volume of deposits in dollars is the fall in the exchange rate of this currency in the middle of the year,” says the analyst. “The dollar is expected to strengthen in the second half of the year, and interest in it as a store of value will accordingly return.” Georgy STOLTS |
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