More than 100 banks showed a decrease in balances on individual deposits

Despite the fact that the banking system is recording a record influx of household funds, there is no single trend: individual banks show a significant outflow of time deposits. Some large banks’ deposits have decreased significantly over five months. A number of banks are talking about clients switching to other products, in particular, investment or business development-oriented ones.

Based on the results of five months of 2023 (from May to September), more than 100 banks showed a decrease in balances on deposits of individuals. 49 banks showed a decrease of 10% or more, and for some of them the decrease was estimated at several times. This is evidenced by the reporting of credit institutions (Form 101), which Kommersant analyzed. We considered the balances of account 42.2, which includes data on deposits and other attracted funds of individuals, including non-residents. Balances on savings accounts and escrow accounts are presented in account 408, but in the published statements they are not highlighted, but are grouped together with accounts that are not related to public funds.

The leader in reducing balances on deposit accounts of retail clients was Bank Rossiya, whose balances decreased by 41 billion rubles. (by 19.2%, to 173 billion rubles). In second place in terms of outflow of deposits was HKF Bank (10 billion rubles, or 8.4%), in third place was Citibank (9.35 billion rubles, or 66%). Bank Rossiya noted: “Against the backdrop of growing opportunities in the Russian economy, including those related to import substitution, some private clients prefer to redirect their funds from deposits to business.” Moreover, their “funds and transactions carried out with them remain in the bank’s ecosystem,” the credit institution noted. During the period under review, the bank did not reduce rates on deposits of individuals.

Moreover, last week the Central Bank disclosed data from which it follows that Raiffeisenbank dropped out of the top 10 banks in terms of the volume of funds raised from individuals, giving way to the Moscow Credit Bank (MCB).

Based on this list of attraction leaders, the average maximum deposit rate is calculated. The list of banks is formed according to the volume of deposits of individuals, including funds in their accounts; in this case, balances as of the first day of the month are analyzed, the Central Bank explained. Against the backdrop of the disposal of Raiffeisenbank, the average maximum rate in the second ten days of October immediately increased by 1.26 percentage points (to 11.4% per annum).

At Raiffeisenbank, the reduction in deposit and other accounts over five months amounted to 4.6 billion rubles. (36%). At the same time, in the second largest bank with foreign owners, Unicredit Bank, balances increased by 8.9 billion rubles over the same period. (by 19%). Raiffeisenbank noted that it adheres to “a conservative approach to liquidity management in order to provide clients with reliable and high-quality service.” At the same time, the bank sees a “stable increase in interest in investment products.”

According to Form 101 data, over five months the composition of the top 20 in terms of this volume remained virtually unchanged, only in August Dom.RF Bank (107.8 billion rubles) was included in this list, ahead of Absolut Bank (83. 8 billion rubles). The growth leader was Pochta Bank, whose account balances almost doubled (by RUB 105.8 billion). “Based on an assessment of the dynamics of the market price situation, the bank focused on attracting urgent liabilities,” they indicate. At the same time, the bank noted that taking into account the accounts of the 408th group, the increase was only 20%.

The systemic increase in liabilities is mainly provided by large banks, including, by a large margin, Sberbank (RUB 1.3 trillion). Cumulatively over 2 trillion rubles. the growth was provided by systemically important banks (excluding PSBs, data for which are unavailable).

As Olga Naydenova, senior analyst at the Sinara investment bank, notes, “at current rates, fixed income instruments, including deposits, are becoming more attractive.” The rapid growth of the deposit base can be explained both by aggressive attraction against the backdrop of liquidity problems (which can be caused by various factors), and by a business model that corresponds to a stable liquidity surplus, the expert explained.

Olga Sherunkova