Summer season – Banks in Albania offer attractive conditions for deposits
The summer season is the period of year that usually raises bank deposit growth. This relates to a concentration of tourism income and the return of migrants to the country for holidays. In this period, banks tend to offer more attractive conditions for bank deposits.
Credins Bank is one of the fastest growing deposit banks in recent years. Based on the financial indicators published by the bank for the quarter, at end-March, the total bank deposits were up by about 16% compared to the same period a year earlier. Edlira Heba, director of the Treasury Department, says the deposit performance this year is quite positive, fueled by the attractive interest rates offered by Credins Bank. Credins also supports its offer to the flexibility of products, with deposits where the customer can choose the maturity itself.
Heba says that during this year there is a satisfactory growth of ALL deposits. However, in general, the euro continues to prevail in the structure of bank deposits. According to her, this is mainly related to the high degree of euroization of the real economy in Albania.
According to data from the Bank of Albania, at the end of April bank deposits had a value of 998 billion ALL. Compared to the previous year, the total of deposits increased by about ALL 20 billion. The ratio between credit and deposits in the banking system remains very low, with less than 55%. This is one of the indicators that show that the banking system is broadly liquid and the facilities to raise lending are great.
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