The latest figures from the Croatian National Bank (HNB) show that total bank deposits in November 2015 amounted to HRK 258 billion, close to 14 billion kuna or 6% more than in November 2014.

Total deposits, which include deposit money and time and savings kuna and foreign currency deposits, in November 2015 were HRK 841 million or 0.3% higher than in October, while their annual increase was 5.7%, analysts of Raiffeisenbank Austria (RBA) said.

Total savings and time deposits in late November last year amounted to HRK 208.7 billion, an increase of HRK 221.8 million or 0.1% on the month. On the year, the deposits were 6.8 billion kuna or 3.4% higher, RBA analysts said, noting that the strong annual growth of 3.4% was owing to an increase in foreign currency deposits, while kuna deposits saw a decrease.

Total foreign currency deposits at the end of November 2015 amounted to HRK 173.2 billion, HRK 537 or 0.3% more than in October, and as much as HRK 7.2 billion or 4.3% more than in November 2014.

The relatively strong annual growth in deposits was to a considerable extent due to a transaction related to the sale of Adris Group's TDR tobacco business to British American Tobacco.

Savings and time kuna deposits in November amounted to HRK 35.5 billion, HRK 315 million or 0.9% more than in October, while compared to the same month of 2014 they were down by HRK 386 million or 1.1%. 

RBA analysts say that foreign currency deposits account for 83% of all savings and time deposits and that the appreciation of the kuna in relation to the euro at a rate of 0.6% on the year lessened the growth of deposits expressed in the kuna.

Deposit money at the end of November 2015 was HRK 49.3 billion, HRK 620 million or 1.3% more than in October, and HRK 7.1 billion or as much as 16.9% more on the year.

"This shows a continued tendency of households to keep their liquid financial assets in current and transaction accounts, which is partly the result of a decline in bank interest rates on deposits and the introduction of taxes on savings income at the start of last year," the analysts said.

Household deposits, which account for almost 81% of total deposits and amounted to HRK 168.8 billion at the end of last November, grew on the month by HRK 1.2 billion or 0.7%. Compared to the same month of 2014, household deposits grew by HRK 1.5 billion, or 0.9%.

Corporate deposits dropped on the month by HRK 42 million, to 31.7 billion. Compared to November 2014, total corporate deposits were 6.7 billion kuna higher, an increase of 26.8%.

Annual drops in bank deposits were reported for other financial intermediaries (-21.3%), auxiliary financial institutions (-32.6%), and insurance companies and pension funds (-11.8%).

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