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Savings Market Growth to Set Record in 2024
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, Vice President and Chairman of the Board of Directors of VTB, at FINOPOLIS 2024.
The bulk of the debt is made up of savings in the national currency. According to VTB estimates, by the end of the year, the total volume of trades in Russia will exceed 52.6 trillion rubles, an increase of 29% (last year - 26%).
"In the fourth quarter, banks will again raise short-term and long-term interest rates, trying to attract depositors amid seasonal competition for clients and the possibility of raising interest rates. According to our estimates, interest rates on savings products by the end of the year may grow by an average of 1-1.5 percentage points. Therefore, the average interest rate on deposits will reach almost 18%, which will be an unprecedentedly high value and will provide Russians with record returns on deposits this year," said Georgy Gorshkov.
In the context of high key interest rates, products with linked yield are particularly relevant.