The CBR has published its lending rates statistics for April for corporate loans and retail deposits of up to one year. The key takeaways are as follows.
Corporate lending rates declined 20bp MoM to 9.6%, as we expected one month ago.
Retail term deposit rates unexpectedly rebounded 70bp MoM to 7.7% (customer accounts rates were up 50bp MoM) with the spread down 70bp to 3.0%, or the one-year average level.
The volatility in retail deposit rates is being driven by single banks and expect them to recover in the coming month (rather than seeing this as a system-wide trend). In our view, the high lending rates suggest that NIM will stabilise in 2H12, with more expensive deposits filtering through by the middle of the year.