The United Credit Bureau (UCB) summed up the results of credit card issuance from January to June 2024. It turned out that in the first half of 2024, Russians issued 14.01 million credit cards with a total limit of 1.64 trillion rubles.
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Compared to the first half of 2023, the increase in the number of issues and the volume of limits was 10%. From January to June last year, 12.77 million cards were issued for 1.49 trillion rubles.
In the second quarter of this year, 7.17 million credit cards were issued for 905.66 billion rubles. Compared to the second quarter of last year, issue volumes increased by 13% and quantity by 7%. In June alone, banks issued 2.36 million credit cards with a total limit of 292.68 billion rubles. On an annual basis, total approved limits increased by 9%, and the number of issues increased by 5%. In June 2023, 2.24 million cards were issued for 268.17 billion rubles. The average limit increased over the year by 3%: from 120 to 124 thousand rubles. At the same time, compared to the results of May, the number of credit cards issued in June decreased by 1%, and volumes by 8%. In May, 2.39 million cards were issued with a total limit of RUB 319.10 billion.
Total cost of credit (TCC) for cards in the 2nd quarter. 2024 fluctuated in the range from 30.90% to 36.16%, which was the maximum value over the past 6 years, recorded in April this year. The minimum PSC value for credit cards for the same period occurred in November 2021 and amounted to 21.41%. In the II quarter last year, the PSC on cards was at the level of 26.83 – 27.20%.
The top 5 regions in terms of credit card limits in June included: Moscow – 167.41 thousand cards with a limit of 27.41 billion rubles, Moscow region. – 133.37 thousand cards for 19.89 billion rubles, St. Petersburg – 91.48 thousand cards for 13.26 billion rubles, Krasnodar Territory – 86.69 thousand cards for 11.85 billion rubles. and Sverdlovsk region — 70.47 thousand cards for 7.87 billion rubles.
In the vast majority of regions of the Russian Federation, the number of credit card issuances in June decreased compared to the results of May. The largest decrease is observed in the Chechen Republic. and Ingushetia – by 28%, Dagestan – by 25%.
“The decline in the number of new credit cards issued in June 2024 is due to several factors. Firstly , the calendar played an important role. This year, June is one of the shortest months: only 19 working days, for example, in July there will be 23. This fact artificially reduces the volume of new loans attributed to June. Secondly , the traditional seasonal decline associated with the beginning of the holiday season played a role. And thirdly , from the beginning of 2024, strict macroprudential limits of the Bank of Russia continue to operate, aimed at limiting the growth of the population’s debt load,” commented Mikhail Aleksin, General Director of the United Credit Bureau .
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