The CBR has published its September statistics for interest rates in roubles of up to one year which suggest further pressure on banks’ margins.
In September, the average corporate lending rate declined 30bp MoM to 9.7%, pushed down by the feeble demand in the segment and high competition for quality clients.
At the same time, the cost of retail funding continued to rise, up 20bp (10bp on term deposits) with the spread falling to 2.9% from 3.4% in September (or to an
On a QoQ basis, the spread stayed broadly flat, edging up to 3.20% (from 3.17% in 2Q12). However, in September the moving
This implies a negative