Sberbank unveils 2019 results of banking operations
In 2019 all banking markets experience dramatic slowdown. Growth rates across the key banking markets decelerated to one digit figures, ranging between 3% and 5%, which is triggering much heavier competition and pushing the attractiveness of the banking business down.
In 10M19 savings deposits held by public organizations up RUB2.5 trln.
Depositors taking time to re-deposit in rubles: convergence of interest rates on products denominated in foreign currencies and rubles also stimulates savings in foreign currencies that started climbing again.
Russia seems close to banking market saturation point.
Bank failure figure reaches five-year low: 6% of banks get their licenses revoked or sanitized by CB.
Due to decelerated bank failure DIA collects more contributions than it pays in compensations to clients for the first time since 2012.