The CBR has published the retail deposit rates for the top 10 retail deposit banks. At the end of July, the rate increased a further 18bp from mid-month levels, reaching 10.15% (back to that seen in April 2010).
The ongoing growth of deposit rates on the back of continuing tight liquidity is likely to keep the pressure on banks’ margins intact. However, we expect the accelerating repricing in assets (starting from May) to shield NIMs, with 2H12 likely to see a rebound in the indicator.
Mikhail Shlemov, Svetlana Aslanova
VTB Capital analyst
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