By the end of 2023, the portfolio of ruble savings of Russians will approach 40 trillion, having increased by 21% since the beginning of the year. This was discussed at the 14th VTB Investment Forum “Russia Calling!” On December 7, Deputy President and Chairman of the Board of VTB Georgy Gorshkov said.
The bank explained the high annual growth rate of ruble savings by record rates on deposits in the national currency in the fourth quarter, as well as the “cooling” of demand for loans and savings in dollars and euros.
“In the new economic conditions, deposits in national currency have generally become the main instrument for placing funds for the population, and high rates strengthen this trend. Back in September, we expected that the attraction market would grow to 40 trillion rubles, taking into account all currencies, but it is already obvious that it will exceed 43 trillion, of which 40 trillion are rubles only,” Gorshkov noted.
He emphasized that investments in the national currency became a catalyst for client activity in the fourth quarter, when rates on deposits and savings accounts reached 15–16%, showing the best profitability over the last 1.5 years.
“According to our forecasts, the key rate will remain at a high level throughout most of 2024, which will extend the usual “depositor time” in our market,” Gorshkov added.
It is noted that in October-November, VTB retail clients opened over a million new ruble deposits and 750 thousand savings accounts with the financial institution, which is 400 thousand more than in the previous two months and 640 thousand more than in the same period in 2022 th. As a result, the bank’s portfolio of ruble savings of individuals grew by approximately 430 billion rubles, and the total number of depositors reached 1.8 million people – an increase of 39% since the beginning of 2023.
Earlier that day, Gorshkov reported that savings of VTB clients in Chinese currency more than doubled from January to November, to 12.7 billion yuan (24% of all foreign currency savings). The figure significantly exceeded the share of the euro (17%).
On December 4, the founder of the family finance agency InvestArt advisors, Alexey Rodin, explained that in the event of early closure of a deposit, banks do not have the right to fine the client and apply sanctions to him. At the same time, the depositor can recalculate the accrued interest, he added.