Russian banking system had deposit outflow in March - VTB 24's Zadornov
MOSCOW. April 2 (Interfax) - Russia's banking system will report a net outflow of deposits in March, VTB 24 CEO Mikhail Zadornov told journalists on Wednesday.
"I believe that for March for the overall banking system there will be a reduction in retail deposits in demand accounts," Zadornov said. The shrinkage is the result of economic stability and the first instance in a long time that retail deposits and accounts have declined, he said.
"We [VTB 24] will have an inflow for the quarter. I won't take it upon myself to speak about March for now," Zadornov said.
Retail deposits on account at Russian banks declined 0.3% to 16.908 trillion rubles in January-February compared with an increase of 1% in the same period last year, according to Central Bank statistics.
VTB 24 was the fourth biggest Russian bank by assets and the second biggest by retail deposits as of the end of 2013 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
