The ruble savings market may grow by 21% by the end of 2023 – Kommersant

The portfolio of ruble savings of individuals in Russia will approach 40 trillion rubles. at the end of the year, VTB predicts. The growth will be 21% since the beginning of the year.

Deputy President and Chairman of the Board Georgy Gorshkov spoke about VTB’s forecasts at the 14th VTB Investment Forum “Russia Calling!” “Back in September, we expected that the attraction market would grow to 40 trillion rubles, taking into account all currencies, but now it is obvious that it will exceed 43 trillion, of which 40 are rubles only,” noted Mr. Gorshkov.

The expert considers investments in national currency to be a “catalyst for client activity” in the fourth quarter. Rates now reach 15-16% – this is the best return in 1.5 years. VTB believes that the key rate will remain at a high level for most of 2024. The high growth rate of ruble savings is also explained by a decrease in demand for loans and savings in dollars and euros.

At VTB, as the bank itself expects, the portfolio of ruble savings will grow by 26% by the end of the year. In October–November, more than 1 million new ruble deposits and 750 thousand savings accounts were opened – 400 thousand more than in the previous two months and 640 thousand more than in the same period in 2022. The portfolio of ruble savings of individuals increased by 430 billion rubles—the growth was three times greater than in October–November 2022. The number of depositors has grown by 39% since the beginning of the year and reached 1.8 million people.

Mr. Gorshkov noted the expansion of the horizon for planning savings of the population. At the beginning of the year, VTB’s ruble deposit portfolio was dominated by six-month deposits (55%). By November, the portfolio was evenly distributed between deposits for periods of 3, 6, 12 and 36 months. Each of them accounts for approximately 25%.

About the increase in deposit rates – in the material “Kommersant” “Banks are holding deposits”.

Leonid Uvarchev