Page 86 - RusRPTFeb21

8.1.3​ Deposits
Household deposits rose 4.9% over December ​including owing to bonuses and social payments. Corporate account balances also grew significantly (+4.4%). As of the end of 2020, household deposits rose by about 4%, while corporate accounts saw a 16% increase.
Funds of legal entities in December showed significant growth (+RUB1388bn, or 4.4%). At the same time, both ruble balances (+RUB892bn, or 4.2%) and foreign currency (+$6.5bn, or +RUB496bn in ruble terms, or 4.9%).
The inflow came mainly to midsized banks (+ 5.3%) and to a lesser extent to other large banks from the top 100 (+ 3.1%). Since the beginning of the year, the growth in corporate funds has been significant: 15.9% (2019: 7.0%).
December traditionally saw a significant inflow of household funds (+RUB1.6 trillion, or 4.9%). This is due to the payment of bonuses and social payments at the end of the year. In total, since the beginning of the year, the increase in funds of individuals amounted to 4.2%, which is significantly lower than in 2019 (9.7%), due to the withdrawal of cash during the acute phase of the pandemic, as well as withdrawal to alternative instruments against the background of declining profitability of deposits (the average rate on ruble deposits for a period exceeding 1 year has decreased from the beginning of the year by 1.3 percentage points, to 4.15%).
Escrow accounts, which characterize household investments in real estate, grew by RUB171bn in December, and by more than RUB1 trillion since the beginning of the year against the background of active sales of apartments in the primary market, supported by mortgage lending.
Since the inflows to the accounts of companies and the population in December were largely due to budget expenditures, it is not surprising that at the same time there was a seasonal outflow of public funds in the amount of RUB2.3 trillion. (-36.1%), including RUB1.7 trillion. funds of the Ministry of Finance of Russia. In total, since the beginning of the year, public funds have grown by 7.5%, which corresponds to the dynamics of 2019 (7.0%).
86 ​RUSSIA Country Report​ February 2021 ​ ​www.intellinews.com