Baku, Azerbaijan, Oct. 18
By Elena Kosolapova – Trend:
The volume of deposits in Kazakh banks increased by 3.2 trillion tenges (331.74 tenges = $1), or by 40 percent in August 2015-August 2016, Finprom.kz analytical center said in its report.
The volume of retail deposits increased by 1.9 trillion tenges, corporate deposits rose by 1.3 trillion tenge during the period.
Revaluation of foreign currency deposits after the tenge devaluation is among the reasons of the sharp increase in the banks’ deposit portfolio.
Currently, foreign currency deposits are less attractive for the Kazakh banks due to increased risks coming from freely floating tenge. The banks aim at national currency deposits. The average rate on retail deposits in tenge has increased from 8 percent to 12 percent since the beginning of 2016.
Meanwhile, interest rates on retail deposits in foreign currency fell from 3.4 percent to 2.9 percent in this period.
In January-August 2016, the highest increase in retail deposits portfolio was recorded in Kazakhstan’s Halyk Bank, Tsesnabank and House Construction Savings Bank.
Halyk Bank increased retail deposits portfolio by 77.6 billion tenges, or 5.5 percent. Its share in the retail market increased from 20.6 percent to 20.7 percent in this period.
Tsesnabank increased its retail deposits portfolio by 75.8 billion tenges, or by 15 percent in January-August. The bank’s share in the market increased from 7.3 percent to 8 percent.
House Construction Savings Bank, the entire portfolio of deposits of which is in tenge, increased its deposit portfolio by 67.3 billion tenges or 22.5 percent. The bank’s market share increased from 4.3 percent to 5.1 percent.
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