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Russians' savings in banks predicted to hit a record
VTB: Russians' bank savings could reach 56.3 trillion rubles in 2024.
By the end of 2024, citizens' savings in Russian banks will increase by 27%, reaching 56.3 trillion rubles, which will be a new record. This was stated by Deputy Chairman - Chairman of the Board of Directors of VTB Georgy Gorshkov, whose words are quoted by TASS.
The VTB vice president said that a year ago this figure was 23%. According to him, against the backdrop of seasonal competition and growth in base interest rates, the bank "will again raise short-term and long-term interest rates" and "will provide Russians with record returns on deposits this year."
A jump to historical highs is expected amid rapid growth in bank income. In September, the Central Bank raised its forecast for the Russian banking sector's profit in 2024 from RUB 3.1-3.6 trillion to RUB 3.3-3.8 trillion. This figure reached record levels for the second year in a row.
At the same time, the volume of funds of Russians in domestic bank accounts from January to June has already increased by 4.8 trillion rubles, with almost a third of the increase provided by capitalization of interest on deposits.