VTB expects retail savings market to grow 20% in 2025, but aims to grow faster

MOSCOW. April 24 (Interfax) - VTB forecasts that the retail savings market will grow by 20% to 69 trillion rubles in 2025, but it plans to grow faster than this, the Russian state bank's vice president and deputy CEO, Georgy Gorshkov said.

"We revised our forecast for the market's size to the end of the year upward. Now we estimate it at 69 trillion rubles, before we expected 68 trillion rubles. Even in the event of a steady reduction of the key rate in the second half of this year, there won't be a fast return to a consumer model of behavior," Gorshkov said.

"And we plan to grow faster than the market, like last year. While the market will grow by 20%, the bank's savings portfolio will grow by 27%. We have almost 11 trillion rubles in liabilities as of the end of April and at the end of the year we forecast 13.5 trillion rubles in liabilities," he said.

VTB expects the portfolio of retail deposits on the market to grow by 6.1% to 61 trillion rubles in the first half of 2025, despite the decrease in deposit interest rates at Russian banks. Growth in the second half is expected to be stronger, as usual.

VTB plans to acquire 523,000 new depositors this year. More than 60% of deposits at the bank now have an interest rate of 20% or higher. The most popular deposit durations are still six and 12 months.