Page 69 - RUSRptApr17

8.1.3 Deposits
Retail deposits increased a moderate 0.3% m/m in February and 4.8 y/y
(1.1% and 11.9% on an FX-adjusted basis).
Corporate accounts declined 1.7% m/m and 10.4% y/y (-0.1% m/m and +0.4% y/y without FX effects).
Minfin did not sell FX reserves in January-February, so there was no ruble issuance by CBR and so customer funding inflow was moderate. Customer accounts (excluding those from government entities) nominally decreased by RUB311bn (0.6%), but increased by RUB313bn (0.6%) after adjusting for currency moves, consisting of RUB29bn inflow (0.1%) of corporate accounts and RUB284bn (1.2%) of retail deposits.
Large corporate accounts outflows occurred at Sberbank (RUB180bn, 3%), Alfa-Bank (RUB31bn, 3.5%) and Promsvyaz (RUB22bn, 3.8%). They, however, fell at Rosneft-controlled VBRR (RUB127bn, 38%), but we do not consider this a concern given a RUB203bn inflow in January. Considerable inflows of corporate funds were reported by VTB (RUB67bn, 1.4%), Gazprombank (RUB49bn, 1.7%), FC Otkritie (RUB78bn, 9.2%) and Credit Bank of Moscow (RUB53bn, 10%). Retail deposits grew evenly across the sector.
The maximum rate on ruble deposits on individual accounts in the ten largest Russian banks has reached its lowest level on record and was 7.79% in April – the lowest since 2009 when rates fell to a previous low of 7.85%, according to Central Bank of Russia (CBR). According to these data, in the first ten days of April 2017 the average value of the maximum rates of these credit institutions has decreased from 8.015 to 7.798%. This is the lowest figure in the entire history of calculations - from July 2009.
69 RUSSIA Country Report April 2017 www.intellinews.com