Last May, the banks that raised resources through one-year term certificates of deposit (CDT) paid an average rate of 13.95% annual cash.
(See: What is currently more profitable to invest in: CDT or housing?)
This figure, collected from the reports that the entities made before the Financial Superintendence, is practically the same (13.90%) as the average that they had captured with this instrument during April.
What is special about the figures is that at the end of 2022 there had been a peak with an average rate of more than 17% effective per year and in view of the fulfillment of certain Basel III requirements (international banking legislation) by all entities, the competition for resources was no longer so intense and rates had slowed down.
And although in the case of the CDTs in the reference to a one-year term, the average rate in April was 13.90% effective annual (EA), with a fall of 3.07 percentage points compared to January.
Despite the fact that interest rates on loans remain high, driven by the transmission that the market makes of the increase made by the Banco de la Repúblicadeposits peaked at the end of last year.
The banks’ interest in recognizing good interests in their clients’ resources stemmed from the need to comply with some technical requirements related to international banking legislation known as Basel III.
(See: Savings accounts fall due to the advance of the CDT)
Banks need good liquidity to face the growth of credit and the Cfen (Net Stable Funding Ratio), which seeks that financial entities maintain a stable funding profile in relation to their assets and before that there was competition for the customer resources.
According to Camilo Pérez, head of Economic Research at Banco de Bogotá, “During the last few weeks, pressure on deposit interest rates has begun to reactivate, as liquidity tightness has once again been felt”.
The analyst assures that this situation is relatively circumstantial and has to do in part with the regulatory requirement of Cfen, “but it is not as pronounced as it was several months ago, when you saw much higher interest rates and more aggressive competition from banks”.
What is happening more recently is something similar, but on a much smaller magnitude, he emphasized.
According to Andrés Langebaek Rueda, director of Economic Studies of the Davivienda Group, there is a negative or inverse relationship between savings account balances and CDTsbecause as the interest rates of these investment instruments have risen, the same has happened with their balances and those of the accounts have fallen.
(See: CDT interest rates fall three percentage points this year)
According to the average figures that the banks send monthly to the Financial Superintendency, Bancamía, from the BBVA Microfinance Foundation, was the entity that recognized a higher interest rate on the one-year CDTs with 15.43% effective per year.
He is followed by Banco Santander, with 14.72%, then there is BanCien with 14.69%, Banco Unión with 14.57% and Finandina with 14.45%, Banco W with 14.41%, Banco Mundo Mujer with 14.40% and Banco de Bogotá with 14.36%. These are reported figures and do not take into account what type of bank it is.
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