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CBR stats suggest decline in retail deposit rates


The CBR has published the maximum retail deposit rates for the top 10 largest retail deposit taking banks. At the end of January, the rate declined 12bp to 9.88% from the mid-month level.

We assume that, in the near term, the seasonal decline in lending will help deposit rates to slide and then stabilise, while monetary policy easing (which we expect in 2Q13) is set to push rates down further. However, in our view banks’ margins will remain under pressure during 2013 of the still high cost of funding (in 1H13) and the faster repricing of assets (in 2H13).

Mikhail Shlemov, Svetlana Aslanova
VTB Capital analyst


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