Excessive population funds surpass 1 trillion rubles within the PSB
In a recent statement, Alexey Shchevelyev, Head of the Retail Business Block at PSB, highlighted the bank's impressive growth in retail client funds across Russia. According to Shchevelyev, the bank expects a 23% increase in the volume of funds from the population in all Russian regions this year.
The growth in funds from individuals into the banking system has been a reflection of the increased savings activity among the population. PSB, in particular, has witnessed a significant surge in funds, with over 240 billion rubles coming from PSB clients in new Russian subjects. This growth represents more than 20% of the total portfolio of retail client funds at PSB.
The bank opened over 1.1 million new time deposits and nearly 900 thousand new savings accounts for retail clients in the past year. The total amount of funds in time deposits and savings accounts now exceeds 700 billion rubles, with the average size of time deposits at PSB standing at 800 thousand rubles.
The growth is primarily driven by time deposits and savings accounts, with a portfolio that has grown by more than a third. This growth is a significant contributor to the overall growth of PSB's retail client funds, which surpassed 1 trillion rubles in 2024, marking a 35% increase from the previous year.
PSB sees great potential for growth in new Russian subjects, where there is a high demand for both credit products and savings and settlement tools. The banking infrastructure deployed by PSB in new subjects has earned a high level of trust from local residents, resulting in a nearly twofold increase in funds attracted from the population in new subjects.
The key rate increase last year boosted savings activity among the population, resulting in a 33% increase in savings entrusted to PSB by citizens. The expansion of PSB's federal network, development of digital payment infrastructure, and offering convenient and profitable savings products have also contributed to the growth in savings.
The digital payment infrastructure and wide range of convenient and profitable savings products offered by PSB are key factors in attracting and retaining retail clients. Residents of new subjects have doubled their savings on PSB accounts and deposits over the past year, reflecting the trust and satisfaction of the bank's services among the population.
In conclusion, PSB's retail business in Russia is thriving, with significant growth in funds from individuals across the country. The bank's focus on digital payment infrastructure, convenient savings products, and expansion into new regions has paid off, resulting in increased trust and savings from the population.
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