People in Kazakhstan significantly increase bank savings
Astana, Kazakhstan, Dec.24
By Daniyar Mukhtarov - Trend:
People in Kazakhstan have increased the bank savings by 600 billion KZT ($1 = 182.5 KZT), the country's Ranking.kz analytical service said.
"The portfolio of retail deposits neared 4.4 trillion KZT as of October. People's savings have become the dominant resource for Kazakh banks for attracting long-term money," according to experts.
The volume of bank deposits (time deposits and contingent deposits) totaled 7.1 trillion KZT and 3.9 trillion KZT (54.4 percent) of this amount fell to the funds of individuals, according to the experts. The resource shortage has led to the toughest competition for customers in the market of deposits of individuals.
"The volume of the population's deposits has increased in 30 banks in a year (Oct.2013-2014).The market has increased by 15.8 percent," according to the analysts.
In terms of the absolute annual growth, traditionally, the People's Bank is the leader. At the same time, under the pressure of competition, it grew slower than the market. As a result, the share of the bank's market decreased by 0.3 percent and stood at 20.6 percent.
At the same time, the popularity of the Savings Bank has increased. The bank increased the volume of retail deposits by 102.6 billion KZT and brought its volume to 307.1 billion KZT in a year.
Among the banks with the market share of more than five percent, the Savings Bank is the leader for the growth rate: the portfolio has increased by one and a half time.
The bank's share in the market of retail deposits has increased by 1.6 percent and stood at seven percent. Thus, the Savings Bank entered the top 5 leaders in the market of the population's deposits.
Tsesnabank (TSB) grew faster than the market by increasing the portfolio by almost three times and the market share by 6.2 percent.