Serbia’s bank deposits growth strengthens to 6.8% y/y in Sept 2013

By bne IntelliNews October 22, 2013

Serbia's commercial bank deposits rose 6.8% y/y to RSD 1,618bn (EUR 14.7bn) as of end-September, speeding from a 5.6% y/y rise the month before, central bank data showed. Deposit collection continues to be supported by rising FX deposits and transaction deposits while dinar savings remained in the red. The deposits accounted for 50.7% of total commercial bank liabilities as of end-September, up from 48.4% a year earlier.

FX deposits went up 3.9% y/y to RSD 1,177bn at end-September after increasing 1.5% y/y in August, supported by both corporate and households FX savings. They accounted for 72.8% of total bank deposits.

The dinar-denominated savings and time deposits contracted 9.2% y/y to RSD 161bn at end-September after falling 4.5% y/y the month before, mainly due to lower corporate dinar savings.

Transaction dinar deposits surged 35.4% y/y to RSD 227bn in September, cooling from a 39.8% y/y growth the month before.

Serbia's deposit collection has been faltering since the beginning of the year. The average monthly deposit growth in January – September was 6.8%, down from 15.9% in the like period of 2012, mainly due to slower growth of corporate savings.

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