Page 88 - RusRPTMar21

in real estate, have grown in January, it is not as significant as in previous months - by RUB62bn, which, along with the decreased volumes of mortgage lending, indicates a decrease in apartment sales. This is most likely due to long holidays, so in the coming months it is worth waiting for an increase growth.
Banks' debt to the Bank of Russia increased by RUB497bn, or 13.8%, mainly repo secured by OFZ.
The total amount of attracted public funds changed insignificantly in January, the increase amounted to only RUB22bn (+ 0.5%).
Customer deposits increased by RUB6.8 trillion in 2020 (11.5%, adjusted for currency moves), which was a combination of a RUB2.3 trillion (7.2%) inflow of retail deposits and a RUB4.5 trillion (16.3%) increase of corporate funds.
In 4Q20, customer funding grew by a large RUB4.1 trillion (RUB2.2 trillion corporate and RUB1.9 trillion retail). The retail funds inflow spiked in December, when the FC-adjusted balance increased by RUB1.7 trillion (5.3%) due to seasonal budgetary payments (including pension pre-payments for January 2021) and bonuses.
Corporate accounts increased by RUB2.5 trillion in NovemberDecember, which was a combination of RUB1 trillion in local currency and RUB1.5 trillion ($20bn equivalent) in FC. We believe the latter increase was of a one-off nature, while the largest inflows were at VTB (RUB112bn in local currency, $10.4bn in FC), Rusag (RUB169bn, $1.7bn), Alfa-bank (RUB88bn, $1.4bn), Credit Bank of Moscow (RUB73bn, $2.9bn), VBRR ($2.2bn) and Sovcombank (RUB48bn, $0.7bn).
88 RUSSIA Country Report March 2021 www.intellinews.com