Public funds under the control of the PSB surpassed 1 trillion rubles mark
In the banking landscape of Russia, the state-owned PSB (Public Saving Bank) has experienced a remarkable surge in savings deposits from clients residing in new Russian subjects.
According to Alexei Shcheveliev, head of the retail business block at PSB, the volume of funds from individual clients increased by more than one-third in 2024, now exceeding 1 billion rubles. The Samara and Sverdlovsk regions, in particular, played a significant role in this growth.
The banking infrastructure deployed by PSB in new subjects has ensured a high level of trust from local residents, resulting in a nearly twofold increase in the volume of funds attracted by PSB from the population in these regions. This increase has been so substantial that the volume of funds attracted by PSB from the population in new subjects now exceeds 20% of the total portfolio of retail client funds held by the bank.
The main driver of this growth has been time deposits and savings accounts. In fact, over the past year, PSB opened over 1.1 million deposits and almost 900 thousand savings accounts for retail clients. The average size of time deposits stands at 800 thousand rubles, reflecting the confidence and commitment of the Russian population to long-term savings.
The expansion of PSB's federal network, the development of digital payment infrastructure, and a wide range of convenient and profitable savings and transactional products have all contributed to this growth in savings.
Last year, the savings activity of the population significantly increased, resulting in a growth of savings entrusted to PSB by citizens by more than a third. This increase was observed despite the steady rise in the key rate, which typically discourages savings.
As of 2024, the total funds from retail clients held by PSB on accounts and deposits exceed 1 trillion rubles. The portfolio of time deposits and savings accounts grew by more than a third and amounted to over 700 billion rubles, although no new numbers for this year have been provided.
Looking ahead, PSB plans to increase the volume of funds from the population in the bank by 23% across all Russian regions this year. The bank sees great potential for growth in new Russian subjects, where there is a high demand for both credit products and savings and settlement tools.
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