Retail Funding

The volume of retail deposits, including saving certificates, grew by 5.9%, reaching RUB 8.5 trillion in 2014.

Sberbank actively raised funding to saving certificates, reaffirming its dominant market share exceeding 95%. Saving certificates portfolio amounted to RUB 457 bn. (+32.8% per annum). Current accounts exceeded 18% of retail funding structure, which was supportive to lowering Sberbank average cost of funding. Pensioners’ funds make up a significant part of Sberbank funding base.

STRUCTURE OF RETAIL FUNDS, BASED ON MANAGEMENT REPORTS, RUB bn

It is worth noting that during 2014 the structure of retail deposits in the Russian banking system was shifting toward heavier FX component that increased by 58.8%. Sberbank outpaced the market in raising FX funds (+76.9%), growing its market share of FX deposits by 2.2 pp to 30.4% in 2014. The bank also kept its market share of the RUB deposits relatively flat (50.1% versus 50.6% in 2013). However, Sberbank market share of total deposits declined to 45.0% (versus 46.7% in 2013) as the entire structure of deposits in the banking system changed.

STRUCTURE OF RETAIL FUNDS IN THE BANKING SYSTEM, %

STRUCTURE OF RETAIL FUNDS IN THE BANKING SYSTEM, %
Zoom Download XLS Source: Central Bank’s data, Sberbank’s estimates.

STRUCTURE OF RUB FUNDS FROM INDIVIDUALS, %

STRUCTURE OF RUB FUNDS FROM INDIVIDUALS, %
Zoom Download XLS Source: Central Bank’s data, Sberbank’s estimates.

STRUCTURE OF FX FUNDS FROM INDIVIDUALS, %

STRUCTURE OF FX FUNDS FROM INDIVIDUALS, %
Zoom Download XLS Source: Central Bank’s data, Sberbank’s estimates.