Sberbank’s share in the deposit market has become the lowest in 15 years – Kommersant
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At the end of 2023, the share of Sberbank (MOEX: SBER) in the household deposit market fell to 42.8% – the minimum over the past 15 years. This follows from the data of the Deposit Insurance Agency (DIA), which is provided by the website Frank Media.
At the beginning of 2023, Sberbank’s share of the household deposit market was 43.6%. It was at this level in the spring of 2022. At the same time, in 2023, the influx of household funds into Sberbank was a record 23.5%, the volume of deposits reached 22.6 trillion rubles. Sberbank’s indicators overtook the market, which, according to the Central Bank and the DIA, grew by 19.7%, to 44.9 trillion rubles.
December was a record year in 2023—the inflow of funds for the month was 5.7%. Sberbank explained this growth by an increase in the profitability of deposits. However, in order to receive the maximum rate at Sberbank, the depositor must fulfill a number of conditions: the funds must be new to the bank, the depositor must be a salary client and the holder of a SberPrime+ subscription. For deposits, an increased rate is provided only if the balance is maintained at a level of RUB 2 million or more.
The growth of household deposits in 2023 is due to social and budget payments, as well as an increase in interest rates. The main influx of funds was obtained from deposits with a maturity of up to one year – banks offered the most attractive rates on them. Sberbank’s share in the deposit market was maximum at the beginning of 2009 – 51.7%. Since then, the share has been decreasing year by year.
The press service of Sberbank told Kommersant that the total share in the liabilities of individuals over the past 10 years has remained in the range of 43.7% – 45.8%. “2023 was a record year for Sber in terms of raising funds – the portfolio of individuals’ funds increased by 4.2 trillion rubles, the number of clients with fixed-term accounts increased by 1 million people… In addition, Sber’s share in the personal lending market has increased over ten years from 33.5 to 46.7%,” the press service said in a statement.
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