Deposits flooding into Rabobank
Banks continue to enjoy strong deposit flows, which have run ahead of credit demand over the past year. But, in the past few months, there has been a marked slowing in flows.
Australian Prudential Regulation Authority data shows retail deposits growing by 8.5 per cent over the 12 months to May. Over the three months to May, retail deposits grew by 1.4 per cent – an annualised rate of 5.6 per cent.
In the household deposit market, RaboDirect’s deposit book has grown 89 per cent over the past year and 18.6 per cent over the past three months.
Other deposit-takers with strong flows over the past year include Bank of Queensland, HSBC, Macquarie and ME Bank.
Source: Banking Day