Russian banks have managed to maintain the confidence of depositors in “difficult times”, said Deputy Chairman of the Central Bank Mikhail Sukhov. The growth rate of deposits in annual terms last month was 20%. According to Sukhova, by the end of 2016 the growth of Bank deposits will be 15%.
“What did our banks, really in difficult times maintained the trust, primarily investors”, — said Sukhov, speaking at the Russian economic and financial forum in Switzerland (quoted by RIA Novosti). He noted that the growth rate of deposits in the past year were “almost a record” — 25% per year. In February of this year, banks managed to attract additional 170 billion rubles.
“In the beginning of the year — in February — the growth of deposits in the banking sector has recovered almost 170 billion rubles was attracted by our banks in February and additionally move with the pace of over 20% on an annualized basis”, — said Sukhov.
He also expressed the opinion that the rate of growth of deposits 20% on an annualized basis will not last long. They will decrease due to objective indicators, but still remain at rather high level.
“This assessment is that the contributions can grow on 15% a year in 2016 I think is quite realistic and possible. Although this may depend not only from banks but also from the real state of the disposable income of our citizens that in the near future are unlikely to increase in a positive direction”, — said Sukhov.
He stressed that the Central Bank will “closely observe” the distribution of deposits across banks of different size.
Earlier this week the Bank of Russia has published data showing that the average maximum interest rate on ruble deposits of 10 Russian banks, attracting the largest volume of deposits in the country in the first decade of March 2016 has increased to 9.79% per annum. The Central Bank also noted that banks do not recommend to set the level of maximum rates by more than 3.5 percentage points from the average maximum. This means that now banks can attract deposits at a rate of 13,29% per annum without risk to attract the attention of the regulator.