Croatias bank deposits up 4.4% y/y at end-April.

By bne IntelliNews June 5, 2012
Croatia's commercial banks have attracted HRK 280.7bn (EUR 37.3bn) worth of deposits towards end-April, up by 4.4% on the year, central bank data showed. In March, the deposits increased by an annual 4.3%. Fixed-term deposits rose by 7.8% on the year to HRK 221.2bn in April, higher than the 7.4% y/y rise in the previous month. Savings deposits dropped by 0.7% on the year to HRK 25bn, following an annual 2.6% decrease in March. On a monthly basis, the attracted deposits inched down by 0.1% in April after dropping by 0.7% a month earlier. The combined value of deposits accounted for 77.8% of the projected full-year GDP, according to IntelliNews calculations, which compares with 77% of the GDP a year earlier. IntelliNews Comment: We expect that the deposits will continue to increase, though their growth will slow down because of Credo Banka, whose licence was revoked by the central bank (HNB) in November 2011 over liquidity shortage. HNB also put on liquidity watch four other small lenders. These actions will have some effect on the banks deposit portfolios even though HNB has said that the banking system is stable and there is no reason for clients of certain banks to consider withdrawing their money and terminating their contracts.

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