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CBR posts statistics for retail deposit rates

The CBR has released statistics for the maximum retail deposit rates of the top ten retail depositors. In the last ten days of September, the rate increased to 10.68% from the 10.53% posted in 11-20 September. However, excluding combined products (a new approach the CBR intends to take starting October) the rate stayed flat at 9.35% for the whole of September.

The adjusted rate performance vs. the total rate suggests tightening competition between banks for deposits. By YE12, we also expect the list of the top-ten retail deposit taking banks to include at least one consumer finance bank.

Although the CBR from 1 October will use the new rate “net” of combined products +200bp top-up as a ceiling, we still expect a further increase in deposit rates by YE12, which will imply further pressure on banks’ NIM in 2H12 and a limit on the rebound in margins with a negative trend likely to stay in 2013.  

Mikhail Shlemov, Svetlana Aslanova
VTB Capital analyst


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