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Analysis of the Market of Households Deposits for H1 2018

Date: 07.08.2018

The State Corporation Deposit Insurance Agency (DIA) has analyzed the development of the market of households deposits in H1 2018 (from January 1 to July 1, 2018). Here are the most significant trends.

Individuals Savings Activity

In H1 2018 the amount of bank deposits of individuals increased by 1,004.3 billion rubles (by 3.9%) up to 26,991.7 billion rubles (in H1 2017 the deposits increased by 696.8 billion rubles or by 2.9%). Without currency revaluation the deposits increased in H1 2018 by 2.1%.

The amount of bearer savings certificates in the reporting period decreased by 24.8 billion rubles (by 6.4%) down to 362.9 billion rubles. Its further reduction is expected in the future as from June 1, 2018 the savings certificates may be only the registered security and their bearer form will be abolished.

The amount of funds of individual entrepreneurs with the banks as of July 1, 2018 was 482.7 billion rubles (1.8% of the total amount of deposits of individuals) with the increase in the reporting year by 23.2 billion rubles (by 5.1%).

The total amount of insured (eligible) deposits with banks in H1 2018 increased by 1,057.3 billion rubles (4.1%) up to 27,090.3 billion rubles.

Deposit Distribution by the Size

In H1 2018 deposits amounting from 1 million to 1.4 million rubles demonstrated the most active growth having increased by 7.1% in terms of amount and by 7.0% in terms of the number of accounts. Deposits from 1.4 million rubles to 3 million rubles increased by 6.9% in terms of amount and by 7.3% in terms of the number of accounts. Savings amounting to over 3 million rubles increased by 6.6% in terms of the amount and by 9.0% in terms of the number of accounts. Deposits from 100 thousand to 1 million rubles increased by 2.2% in terms of amount and by 1.8% in terms of the number of accounts. Deposits of less than 100 thousand rubles decreased by 3.7% in terms of amount while the number of accounts increased by 0.5%.

As the result, the share of deposits from 1 million rubles to 1.4 million rubles increased from 11.9 to 12.2% in H1 2018. The share of deposits from 1.4 million rubles to 3 million rubles increased from 9.7% to 9.9%. Deposits amounting to over 3 million rubles increased their share from 31.5% to 32.2%. The share of deposits from 100 thousand rubles to 1 million rubles decreased from 37.8% to 37.1%, and the share of deposits of less than 100 thousand rubles decreased from 9.2% to 8.5%.

As of July 1, 2018, average deposit amount in the banking system (without accounts below 1 thousand rubles) amounted to 168.8 thousand rubles, having increased by 6.1% since the beginning of the year.

Deposit Profitability

The results of monitoring of interest rates on deposits offered by 100 largest retail banks evidence a continuing decrease in deposit profitability. In H1 2018 majority of banks (87 out of 100 banks) decreased interest rates. In 6 banks the interest rates increased and in 7 they remained unchanged.

In the reporting period the average level of (deposit-amount-weighted) interest rates on one-year ruble deposits amounting to 1 million rubles fell by 1.0 p. p. to 5.4% per annum. Average (unweighted) interest rates on similar deposits decreased by 0.9 p.p. to 6.4%.

According to the Agency, further decrease in deposit interest rates may slow down a little. At that, the actual return on deposits (as compared with the inflation rate) will remain positive.

Deposit Distribution by the Currency and Term

In H1 2018 the share of foreign-currency deposits decreased by 0.3 p.p. - from 20.6% as of January 1, 2018 down to 20.3% as of July 1, 2018.

The share of long-term deposits for more than 1 year decreased from 41.2% to 40.1%. Deposits for less than 1 year decreased their share insignificantly - from 37.8% to 37.2%. The share of call deposits increased from 21.0% to 22.7%.

Deposit Market Concentration

In H1 2018 the share of 30 largest banks in terms of household deposit amount increased from 87.0% up to 88.3% Growth of market share of this group of banks continues from the end of 2013. At that, the share of PJSC Sberbank decreased from 46.1% to 45.2% in H1 2018.

DIAs Insurance Liability

The amount of the DIAs insurance liability (covered deposits) in H1 2018 decreased by 0.7 p.p. to 68.5% of all insured (eligible) deposits. Without factoring in the PJSC Sberbank, the size of insurance liability decreased by 0.9 p.p. down to 63.2%.

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