The banking sector has entered a phase of calm
In January 2013, the Russian banking sector entered into a phase of particular calm. The main indicators of credit dynamics of borrowed funds for the month were slightly downward.
Thus, the amount of funds in accounts and deposits of individuals fell in January 2013 to 173 billion roubles, or 1.2%. This is the strongest January outflow of funds after the crisis in 2009. The annual growth rate of bank deposits of individuals remain at approximately 19%.
The January outflow of deposits from banks, in terms of the currency composition, was concentrated in the rouble segment. The amount of accounts denominated in roubles decreased by 1.8%, while the amount of foreign currency deposits, by contrast, grew by 1.4% in dollar terms. This could mean that the reduction has affected mainly current accounts, such as those for which, at the end of December, prematurely credited the salary for December. And the amount of term savings deposits including foreign currency accounts continued to rise. In particular, the amount of rouble deposits with terms longer than one year increased by 1.7%.
The share of state banks in the market of individual deposits continued to decline, and January 2013 was no exception. With an overall reduction in individual funds by 1.2%, deposits in Sberbank decreased by 2.4% and in the other state banks - 1.7%.
The funds in the accounts of corporate clients also significantly decreased. Their amount decreased by 1.3%, while the annual growth rate fell to 9.6%. The structure of currency dynamics more clearly reflects the tendency of corporate clients towards foreign currency than individuals. Rouble accounts declined during the month by 2.6%, the foreign currency accounts rose by 4.2% in dollar terms.
The contrast in the market of corporate clients from the market of trade deposits lies in the role of state banks. The share of state banks in this market is more stable, but even here it declined throughout last year. Nevertheless, in January 2013, the amount of corporate clients in Sberbank grew by 4.3%, in other state banks - by 3.1%, while the outflow of funds from private banks was 6.1% for the month. As a result, the share of state banks rose from 49 to 52%.
M.U. Khromov – Senior expert of the Centre of Structural Studies