Sberbank reports increase in volume of deposits

The volume of deposits with Sberbank increased 14.7 percent over the first four months of 2002 and reached 561bn rubles (about $17.86bn) as of May 1, Sberbank's deputy chairman Gennady Melikyan announced at a meeting with journalists today. In particular, the volume of hard currency deposits went up 16.4 percent to $4.82bn and ruble deposits surged 12.8 percent to 410.8bn rubles ($13.08bn) as of the beginning of May. The volume of ruble deposits jumped to 417.2bn rubles ($13.29bn) as of June 1, 2002 and deposits in hard currency reached $4.96bn.

The deputy chairman reported that the volume of Sberbank on the market of bank deposits was decreasing gradually. He stressed it was a normal process, reflecting the stabilization on this market after the 1998 crisis. At present, deposits with Sberbank make up about 70 percent of all bank deposits in Russian banks, including 50 percent of hard currency deposits and 80 percent of ruble deposits.

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