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Analysis of the Market of Households’ Deposits for 9M 2017

Date: 09.11.2017

The State Corporation Deposit Insurance Agency (DIA) has analysed the development of the market of households’ deposits for 9M 2017. Here are the most significant trends.

Individuals’ Savings Activity

For 9M 2017 the amount of households’ deposits in banks increased by 553.9 billion rubles (by 2.3%) up to 24,754.2 billion rubles (in January - September 2016 the deposits increased by 99.2 billion rubles or by 0.4%). Without factoring in currency revaluation, for the period from January 1 to October 1, 2017 deposits grew by 3.3%.

The amount of bearer savings certificates in the reporting period decreased by 42.0 billion rubles (by 8.7%) to 443.3 billion rubles.

As of October 1, 2017 deposits of individual entrepreneurs amounted to 421.2 billion rubles (1.7% of the total amount of households’ deposits), having increased for January -September 2017 by 83.7 billion rubles (by 24.8%).

The total amount of insured deposits in banks for 9M 2017 was up by 693.3 billion rubles (2.9%) to 24,713.9 billion rubles.

Deposit Distribution by the Size

For 9M 2017 deposits amounting from 1 million to 1.4 million rubles were the fastest-growing ones having increased by 14.3% in terms of amount and by 14.4% in terms of the number of accounts. Deposits amounting to over 1.4 million rubles were up by 4.1% in terms of the amount and by 12.6% in terms of the number of accounts. Deposits amounting from 100 thousand to 700 thousand rubles and from 700 thousand to 1 million rubles grew by 0.9% and 2.4%, respectively, in terms of the amount and by 0.3% and 2.6% in terms of the number of accounts. Deposits amounting to less than 100 thousand rubles decreased by 8.9% in terms of the amount and increased by 1.8% in terms of the number of accounts.

As a result, for the period from January 1 to October 1, 2017 the share of deposits amounting to more than 1.4 million rubles increased from 41.6% to 42.1%, and the share of deposits amounting from 1 million to 1.4 million was up from 10.6 to 11.8%. The shares of deposits amounting from 100 thousand to 700 thousand rubles and from 700 thousand to 1 million rubles showed a minor decrease from 29.5% to 28.9% and from 8.9% to 8.8%, respectively. The share of deposits amounting to less than 100 thousand rubles fell from 9.4% to 8.3%.

As of October 1, 2017, the average deposit size in the banking system (not including accounts in the amount of less than 1 thousand rubles) amounted to 165.7 thousand rubles, having increased by 4.5% since the beginning of the year.

Deposit Profitability

The results of monitoring of interest rates on deposits in 100 major retail banks evidence a continuing decrease in deposit profitability. According to the results for 9M 2017 most banks (74 out of 100) cut their rates. In 7 banks rates increased and in 19 they remained unchanged.

In the reporting period the average level of (deposit-amount-weighted) rates on one-year ruble deposits amounting to 1 million rubles fell by 0.6 p. p. to 6.4% per annum. Average (unweighted) interest rates on similar deposits decreased by 1.0 p.p. to 7.5%.

As a consequence of a decline in inflation, deposit profitability (in relation to inflation) remains positive. According to the Agency’s estimates, in the nearest future a small decrease in interest rates on deposits might persist.

Deposit Distribution by the Currency and Term

In January - September 2017 the share of foreign-currency deposits decreased by 1.8 p. p. from 23.7% to 21.9%.

The share of long-term deposits to mature in more than 1 year decreased from 46.5% as of January 1 to 44.3% as of October 1, 2017. The share of deposits with a term of less than 1 year increased from 35.2% to 36.6%. The share of call deposits was up from 18.3% to 19.1%.

Deposit Concentration

The share of 30 banks that, in terms of the amount of households’ deposits, are the largest ones continued to increase for 9M 2017 (growth by 1.5 p. p.), amounting to 86.7% (this trend has been observed since the end of 2013). The share of PJSC Sberbank decreased by 0.6 p.p. in the reporting period, having amounted to 46.0%.

DIA’s Insurance Liability

The amount of the DIA’s insurance liability (total amount of covered deposits) for 9M 2017 was up by 0.4 p.p. to 68.2% of all insured deposits. Without factoring in PJSC Sberbank, the size of insurance liability increased by 1.4 p.p. to 63.2%.

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