The Central Bank of the Russian Federation reported an increase in household funds in Russian banks
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- The Central Bank of the Russian Federation reported an increase in household funds in Russian banks
In Russia, the growth of funds of the population in bank accounts in the last summer month slightly accelerated compared to July. This is stated in the material of the Central Bank of the Russian Federation on the development of the banking sector in August 2024, which was read by "Izvestia" on September 23. Over the month, the indicator increased by Br0.7 trillion (+1.3%).
"This is atypical for August (in the period of vacations and preparation for the school year, expenses grow and the inflow of funds slows down) and, most likely, is associated with the continued growth of deposit rates," the regulator specified.
It is noted that the growth of funds of the population is provided by the inflow of term deposits in rubles.
"Only ruble balances grew (+750 billion rubles, +1.6%), while funds in foreign currency continued to decline (-75 billion rubles in ruble equivalent, -2.0%). Ruble funds increased only on time deposits (+917 billion rubles, +2.9%), while on current accounts they decreased (-166 billion rubles, -1.1%)", - stated in the material.
According to the Central Bank, in total, since the beginning of the year, the funds of customers of banks in the Russian Federation increased by 6 trillion rubles, which is more than twice the result for the first eight months of 2023.
In addition, the regulator reported that the actual profit of the banking sector amounted to Br435 billion, which is Br129 billion - 42% higher than the result of July (Br306 billion).
Earlier, September 17, the Central Bank published an analytical review, in which it noted that, taking into account the data for July , the forecast for banks' profits for 2024 had been raised to Br3.3-3.8 trillion. Previously, it was assumed that the profit would amount to Br3.1-3.6 trillion. Portfolio manager of Alfa Capital Management Alexei Kornev called the updated forecast of the regulator realistic and consistent with the statistics on lending in the second quarter of 2024.
