Total bank deposits in Croatia at the end of March this year amounted to HRK 250.3 billion, 8 billion or 3.3% more than in March 2015, according to the latest figures from the Croatian National Bank (HNB).
Compared to February, total deposits, which consist of deposit money and term and savings deposits in kuna and foreign currencies, decreased for the fourth consecutive month by HRK 3.5 billion or 1.4%.
Total savings and term deposits at the end of March dropped to HRK 202.5 billion, a monthly decrease of HRK 2.9 billion. Nonetheless, this was an increase of HRK 2.7 billion or 1.4% from the end of March 2015 owing to an annual increase in both kuna and foreign currency deposits, analysts of Raiffeisenbank Austria (RBA) said.
Total kuna deposits at the end of March amounted to HRK 35.4 billion, a monthly increase of 18.8 million or 0.1% and an annual increase of 378 million or 1.1%. Foreign currency deposits totalled HRK 167 billion, a monthly drop of 2.9 billion and an annual increase or 2.4 billion or 1.4%.
As foreign currency deposits account for 82.5% of total savings and term deposits, the appreciation of the kuna in relation to the euro of 1.1% in March cushioned their growth expressed in kuna, RBA analysts said.
Deposit money in late March totalled HRK 47.8 billion, down 696 million or 1.4% on the month, and up 5.3 billion or 12.4% on the year.
Broken down by sector, household deposits, which account for almost 82% of all deposits, dropped in March 1.6% or 2.7 billion from February, while on the year they went down HRK 2.4 billion or 1.4% to HRK 165 billion.
Corporate deposits dropped HRK 735 milllion or 2.4% on the month and went up 5.6 billion or 23.6% on the year. The high interannual growth rate was partly owing to the sale of the TDR tobacco factory in late September 2015, RBA analysts said.
Annual drops in deposits were recorded in the categories Other financial intermediaries (-24.6%), Financial auxiliaries (-0.1%), Insurance companies and pension funds (-1.8%), and Investment funds, including money market funds (-63.6%).