Corporate depositors keep faith with Russia's top banks

MOSCOW, Oct 26 (Reuters) - Russian companies are sticking with the country's biggest banks despite turmoil in the sector, with total corporate deposits at the top ten banks little changed on Oct. 1 from a month earlier, according to an analysis of central bank data. The Russian banking sector is under scrutiny after the central bank took over two major private lenders, Otkritie and B&N Bank, in less than a month. The information on flows of customers funds is based on figures provided by commercial banks to the central bank. Reuters collated the data using web-based aggregator kuap.ru, a financial analytical tool used by Russian credit analysts. According to the data, the largest outflow of corporate deposits and corporate current accounts in percentage terms was at Otkritie. Corporate customer funds were down 13.2 percent as of Oct. 1 from a month earlier, a drop of 60.4 billion roubles ($1.05 billion). Otkritie was taken over by the central bank in August, citing a hole in its balance sheet. It remains among the country's top ten biggest lenders by assets. Otkritie did not immediately reply to a Reuters request for a comment on Thursday. In rouble terms, the biggest outflow was at state bank Sberbank, which lost 111.2 billion roubles in corporate customer funds. But in percentage terms, it was down just 1.8 percent. Sberbank is Russia's largest bank by assets. In an emailed reply to Reuters' questions, Sberbank said the outflows were insignificant for the bank and that it sees inflows from corporate clients in the form of the foreign currency funds in October. Russia's second biggest bank VTB, and third-largest Gazprombank, saw inflows. According to a research note by Raiffeisenbank, the flows at Russia's largest three banks could be linked to higher deposit rates at VTB and Gazprombank compared with Sberbank. "We do not see significant clients' outflows from systematically important banks," Irina Nosova, deputy director for the banking ratings group at ACRA, Russia's domestic ratings agency, said in emailed comments. Below is table showing the change in corporate deposits and corporate current accounts as of Oct. 1 compared with Sept 1. Banks are ranked by their assets.

Oct change vs Change in bln rbls

Sept, pct

Sberbank -1.81 -111.24 VTB 2.87 154.86 Gazprombank 1.05 32.27 Rosselkhozbank -0.25 -3.52 Alfabank -5.24 -59.15 Otkritie -13.18 -60.44 Credit Bank of 5.22 39.00


Promsvyazbank -1.06 -6.58 Unicredit -0.48 -2.59 Rosbank 2.51 6.95 Raiffeseinbank -4.80 -11.90

($1 = 57.6950 roubles)

(Reporting by Elena Fabrichnaya and Andrey Ostroukh; Writing by Katya Golubkova; Editing by Mark Potter)