Moscow, Russia – 4 February 2014. TCS Group Holding PLC (TCS LI) (the "Group"), Russia's leading provider of online retail financial services, including "Tinkoff Credit Systems" Bank ("TCS Bank"), today publishes the findings of its research on the credit card market in Russia in 2013.
According to the TCS Bank report, the growth of credit card lending in Russia has slowed to 47% y-o-y, compared to 86% y-o-y in 2012, however the total credit card portfolio increased to RUB 990 bn (2012: RUB 675 bn). The market grew consistently in the first three quarters of the year, showing the highest growth per quarter in Q3 2013 before slowing down in Q4 2013. The slower growth at the end of the year was the result of tighter capital adequacy requirements introduced by the Bank of Russia (CBR) as of 1 July 2013, particularly the increase of risk ratios for consumer loans with an annual effective interest rate above 25%.
In 2013, the market concentration continued to increase with the top five banks by credit card portfolio accounting for 61.3% of the market, compared to 58.1% in 2012. The top 20 retained its combined market share of about 90% in 2013. Sberbank remains a leader with its market share rising to 25.5% (2012: 22.1%) and credit card portfolio up to RUB 252.4 bn (2012: RUB 149.3 bn). Russian Standard Bank maintains second place with a market share of 16.3% (2012: 15%) and credit card portfolio of RUB 161 bn (2012: RUB 100.9 bn). TCS Bank increased its credit card portfolio by 54% y-o-y to RUB 74 bn (2012: RUB 48.0 bn) and has retained the third place since the beginning of 2013 with a market share of 7.5% (2012: 7.1%).
According to the CBR, as of 1 October 2013, Russian banks issued over five million credit cards since the beginning of 2013, bringing the total number of issued credit cards in Russia to over 28 million.
Commenting on the 2013 credit card market report in Russia, Oliver Hughes, CEO of TCS Bank, said: “We continue to see opportunities in the Russian credit card market and effectively capitalise on them. TCS Bank has strengthened its position as a top 3 credit card issuer since the beginning of 2013 by continuing to demonstrate strong growth of its credit card portfolio. We are focused on further solidifying our market position through continued growth of our credit card portfolio, while maintaining attractive profit margins and strict lending policy.”
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