Page 63 - RusRPTDec18

8.1.3 Deposits
The CBR has published the banking sector statistics for September 2018. Retail deposits grew 8.8% y/y (+6.2% excluding the FX factor), despite the 1.6% m/m outflow. Corporate accounts were up 9.3% y/y (+4.5% net of the FX factor), but stayed flat m/m in September.
The weak performance of customer accounts pushed gross loan to deposit ratio to 89%, from 86% a year ago. In September, the lack of funds from customers was offset by the increase in funds attracted from the Ministry of Finance (+10.1% MoM) and the CBR (+13.1% MoM).
The population’s funds in foreign currency in September declined by $901mn (2.7%) and amounted to $32.5bn. Most likely, Russian citizens simply took these funds from the bank and did not convert in ruble deposits. According to the statements, the term and current deposits of the population in rubles declined by 45.78bn rubles last month. (by 0.5%), up to 9.65 trillion rubles. In general, the outflow of foreign currency deposits slowed compared with August, when individuals took $1.18bn from the bank (see “Kommersant” on September 17).
63 RUSSIA Country Report December 2018 www.intellinews.com