Summer tourism and seasonal remittances expected to increase deposits: Credins expert
The nearing of the election date has led to a slowdown in the growth of bank deposits, but, however, it is expected that the growth will make a comeback in the remaining summer months.
Adja Angjeli, director of the Network of Branches at Credins Bank, says that the banking system’s expectations for the summer season are positive even this year.
“This year we are at a special moment, because we are ahead of the elections, which of course modify the behavior of the clients in the market. Customers such as individuals do not change their behavior. Of course, they continue their tendency to save as they have done before, but there is a noticeable drop in deposits, mainly in terms of state institutions or corporate clients who have certain interests associated with this electoral period,” Angjeli said.
At the end of April, the value of customer deposits at Credins Bank amounted to ALL 143 billion, ranking third in the banking system, with approximately 12.4% of the market.
“With regard to Credins Bank’s expectation for a ciontinuing growth of deposits, I want to emphasize that deposits have been, are, and will remain, Credins Bank’s strategic product to move forward and to develop in the market. We are currently ranked third in the banking system in terms of deposit volume. We continue from month to month to absorb the “market share”, so to increase our share in the banking system. So of course our expectation for the growth of this product that is strategic and core to the bank’s development will be at the maximum.”
In recent years, deposits in the banking system have continued to grow, despite low interest rates. Last year, growth was driven by the expansion of foreign currency deposits.
For the first four months of this year, the total deposits have declined slightly, but, however, it is expected that the summer season will return to growth once again, due to the increase in foreign currency inflows from tourism and remittances.
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