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Analysts predict record growth in the savings market
The volume of the retail savings market in Russia is expected to reach 56.3 trillion rubles this year, an increase of 27%. This will be a new record for the industry. For comparison, the growth of the retail liabilities portfolio in 2023 was 23%. This forecast was presented by Georgy Gorshkov, Deputy Chairman and Chairman of the Board of Directors of VTB, at the FINOPOLIS 2024 forum of innovative financial technologies.
The bulk of the debt is made up of savings in the national currency. According to analysts, the total volume of transactions in Russia by the end of the year will exceed 52.6 trillion rubles, an increase of 29% (versus 26% a year ago).
According to the speaker, against the backdrop of seasonal competition for customers and a possible increase in base interest rates in the fourth quarter, banks will again raise short-term and long-term interest rates in order to attract depositors to their side.
According to our estimates, interest rates on savings products may grow by an average of 1-1.5 percentage points by the end of the year. Thus, the average interest rate on deposits will be almost 18%. This will be an unprecedentedly high estimate, which will ensure record profitability of deposits for Russians this year," said Georgy Gorshkov, Deputy Chairman - Chairman of the Board of Directors of VTB PJSC.