Deposit "Move" has spread across the banking sector

In a recent report from the bank, South China has seen a marked decline in the proportion of bank demand deposits in the last year, with many respondents mentioning the effects of internet finance. Lam Asset Management company finance and macro strategy analyst S.M. proposed that "Baby" Internet money Fund for bank profit erosion is probably in 1.6%~1.8%, in addition, also diverted the bank's general deposit, so directly affected the bank deposit and loan ratio of the decline in the number of deposits, This, in part, also lowers the bank's leveraged interest rates.

"Deposit move" accelerates

For Chinese commercial banks, which mainly depend on the profit margin, the demand deposit is the lowest cost and the best quality source of funds. However, this cheap source of funding is accelerating the "move".

According to the annual reports of listed commercial banks in recent years, the reduction of bank demand accounts has become a fait accompli.

South All reporter statistics, has released 2013 annual report of the 12 listed banks, the 2013 demand deposit balance of about 32.479 trillion yuan, average demand deposit accounted for 43.08%, and 2012 The two indicators are 29.844 trillion yuan and 43.85% respectively. From each bank, the above 12 banks, in addition to CCB, ABC, Pudong, Societe Generale, other ICBC, BOC, and other 8 demand deposits accounted for a decline in the previous year. Among them, Everbright, Ping ' an, Citic's demand deposits accounted for the largest decline, respectively, 4.45, 2.3, 2.05%.

From the growth rate, ICBC, ping ' an, CMB, Everbright, Societe Generale 5 banks with the 2012 compared to a decline. Among them, in its annual report mentioned the increase in the cost of interest payments, as at the end of last year, the customer's savings rate of 376 1 700 million yuan, an increase of 18.48%. The main reasons are: first, the smooth development of business, customer deposits on a year-on-year growth; second, the interest rate marketization process accelerates, deposit interest rate generally floating, deposit regular, financial management intensified, pull high deposit cost.

Regular management of current deposit

In the case of a reduction in bank demand deposits, several interviewees have cited the effect of internet finance on demand deposits. In an interview with South Dublin yesterday, Xu Bo said that since last year, the representative's Internet Money fund, with its T +0 function, could be a substitute for demand deposits.

In addition, Xu Bo that demand deposits represent the willingness of businesses and individuals to hold cash, and that the current physical economy is weak and the economy is weaker, and the willingness of companies to hold demand deposits declines. Last year, liquidity was tight and market interest rates were higher, and companies and individuals were more willing to turn demand deposits into long-term deposits or financial products and drafts to lock higher interest rates. This creates a diversion of demand deposits.

S.M. told reporters that the impact of internet finance on demand deposits is actually the result of the promotion of interest rate marketization. He pointed out that, in the context of accelerated interest rate marketization, demand deposits appear in the characteristics of financial management and periodicity. It is reported that the impact of interest rate marketization on banks is also the focus of media attention in the performance press conference of commercial banks this year. The governor of ICBC will be full on the ICBC performance conference, said that the interest rate marketization led to increase the cost of bank debt, the regular trend of deposits increased, the competition will also increase.

How much has the impact on banks caused by the transfer of the lost demand account to the class balance treasure? In this regard, S.M. reporters that the current demand deposit is about 37 trillion yuan, and last year's money fund has probably increased by 400 billion ~5000 billion, if the increase in the IMF is all part of the shift in demand deposits, then about 1.5% of the current deposit flows to the IMF. In fact, the ultimate goal of the Money Fund is to deposit deposits with the banks mainly, which means that the cost of acquiring this portion of the money from the original 0.36% current interest rate to the 5%~6% deposit rate, narrowing the bank's interest margin of about 2%, the bank's profit impact is probably 1.6%~1.8%.

S.M. that, in addition to the reduction of demand deposits, internet finance also diverted the bank's general deposits, leading directly to the decline in the amount of deposits in the bank's loan-to-deposit ratio, which in some ways lowered the bank's leveraged interest rate.

In addition, the analysis pointed out that the impact of Internet finance on the banking sector this year will gradually spread from deposits to other areas, such as risk pricing, financial services.

Reporter Ying