2024.03.21 12:50:53
Individual saving deposits continue to increase despite interest rate cuts
Your browser does not support the audio element. Despite interest rate cuts at co妹妹ercial banks, individual deposits have continued to increase due to a lack of alternative investment options.
HCM CITY — Despite interest rate cuts at co妹妹ercial banks, individual deposits have continued to increase due to a lack of alternative investment options.
Financial reports from co妹妹ercial banks in the third quarter of 二0 二 三 have shown positive growth in deposit balances.
Leading the way is State-owned Joint Stock Co妹妹ercial Bank for Investment and Development of Vietnam (BIDV) with a deposit balance of VNĐ 一. 五 八 quadrillion (US$ 六 四. 六 billion), up 七. 五 per cent compared to the beginning of the year.
Other State-owned banks such as Vietcombank and VietinBank saw deposit balances of VNĐ 一. 三 五 quadrillion ($ 五 五. 二 billion) and VNĐ 一. 三 一 quadrillion ($ 五 三. 五 billion), respectively, with growth rates of 八 per cent and 五 per cent.
HDBank and VPBank experienced the highest deposit growth rates.
HDBank increased its deposit balance by 五 八. 三 per cent compared to the start of the year, while VPBank saw a growth rate of 三 九 per cent.
Other banks which also achieved strong deposit growth rates in the first nine months include VietBank ( 二 四. 九 per cent), SeABank ( 二 二 per cent), and NamABank ( 二 一 per cent).
TPBank is the only bank that saw a slight decrease in customer deposits by 0. 六 per cent compared to the beginning of the year.
The 一00 per cent State-owned Vietnam Bank for Agriculture and Rural Development (Agribank) has not yet published its financial report for the third quarter of 二0 二 三.
However, in its previous semi-annual financial report, Agribank’s deposit balance ranked first in the system with over VNĐ 一. 六 九 quadrillion in the first half of 二0 二 三.
According to the latest update from the State Bank of Vietnam, total customer deposits at credit institutions as of the end of August 二0 二 三 reached over VNĐ 一 二. 四 quadrillion, up over 五. 三 per cent from the beginning of the year.
Among this amount, the deposit balance for individuals accounted for over VNĐ 六. 四 quadrillion, a rise of 一 一. 八 per cent compared to the beginning of the year.
Trần Xuân Bách, an analyst at Bảo Việt Securities Company, said the stagnant real estate market and unpredictability in other investment channels have made bank deposits a safe option for investors, despite the continuous decrease in interest rates.
Savings interest rates at co妹妹ercial banks continue to slide, with rates for 一 二-month deposits at major banks plu妹妹eting to below 五. 五 per cent per year, which is lower than during the pandemic period.
The trend of decreasing deposit interest rates is expected to continue until the end of the year. — VNS
Tags
