Page 73 - RusRPTMar19

8.1.3 Deposits
Deposits are also growing again in 2018. Both retail and corporate accounts posted solid growth: 9.5% y/y and 12.7% y/y, respectively at the end of 2018.
Russian banking sector deposits are also growing in aggregate in January, but not at the same pace as borrowing. Retail deposits were down 2.5% m/m in in January in nominal terms and down 1.4% m/m in FX-adjusted terms last month, for FX-adjusted y/y growth of 6.5% (excluding banks whose licenses have been revoked).
The fall in retail deposits overall both m/m and y/y when set against the rapid growth in retail credits is clearly a worrying trend.
Corporate deposits were down 1.3% m/m in nominal terms but up 0.6% m/m in FX-adjusted terms (for nominal/FX-adjusted y/y growth of 10% and 4%, respectively).
73 RUSSIA Country Report March 2019 www.intellinews.com