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Russian credit card market, 2012

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According to results for the first half of 2012, the size …

According to results for the first half of 2012, the size
of the Russian credit card market has risen above the half-­‐trillion mark -­‐ it grew by 36% to 500.3 billion Roubles as of 1 July compared with the beginning of the year.

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  • 1. 26  July,  2012  Russian  credit  card  market,  2012  Market  size  as  of   Bank Portfolio,-billion-roubles Market-share Sberbank 99,0 19,8%01.07.12     Russian-Standard* 75,8 15,1%500.3  billion  roubles  (+36%   VTB24 42,0 8,4% Orient-Express 35,7 7,1%versus  01.01.12)     TCS-Bank 33,6 6,7% OTP-Bank 24,4 4,9% Svyaznoy-Bank 23,9 4,8% AlfaNBank 17,8 3,6% HCF-Bank 14,9 3,0% Rosbank 14,3 2,9% Card  boom   According  to  results  for  the  first  half  of  2012,  the  size  of  the  Russian  credit   card  market  has  risen  above  the  half-­‐trillion  mark  -­‐  it  grew  by  36%  to  500.3   billion  Roubles  as  of  1  July  compared  with  the  beginning  of  the  year.  In  Q2   the  market  growth  rates  accelerated  to  18.3  %  compared  to  15%  within  the   first  three  months  of  the  current  year.  These  growth  rates  give  grounds  to   believe  that  we  will  surpass  2011  rates  of  growth,  when  the  total  card   porKolio  of  Russian  banks  increased  by  61.6%.   Trends:   -­‐The  market  growth  rates  increased  from  15%  in  Q1  to  18.3%  in  Q2,  with  the   volume  reaching  an  amount  in  excess  of  500  billion  roubles;  the  growth  for   the  half-­‐year  reached  36%;      -­‐  Sberbank  seized  one  fiIh  of  the  market  having  increased  the  porKolio  to   almost  100  billion  roubles;  concentraLon  has  grown  –  the  5  top  players   control  57.2%  of  the  market  (according  to  results  for  Q1  –  55.7%);      -­‐Based  on  the  results  for  the  second  quarter,  only  five  banks  in  the  top  20   have  increased  their  market  shares:  Sberbank,  Tinkoff  Credit  Systems,   Svyaznoy  Bank,  Alfa-­‐Bank  and  Trust;  for  this  purpose  they  had  to  maintain   growth  rates  above  the  market  average;  one  of  the  leaders,  bank  Orient   Express  slowed  its  growth.    -­‐According  to  the  results  of  the  half-­‐year,  dramaLc  growth  of  market  share   was  demonstrated  by  Sberbank,  which  zoomed  into  the  lead  Q4  of  last  year   1   reaching  19.8%;  bank  Orient  Express,  Tinkoff  Credit  Systems,  Svyaznoy  Bank   and  Trust  also  increased  their  share    
  • 2. 26  July,  2012   Russian  credit  card  market,  2012   Finding  gear   As  of  1  July  2012,  in  terms  of  credit  cards  porKolio,  the  top  10  included   Sberbank  (99  billion  roubles),  Russian  Standard*  (75.8  billion  roubles),   VTB24  (42  billion  roubles),  Orient  Express  (35.7  billion  roubles),  Tinkoff   Credit  Systems  (33.6  billion  roubles),  OTP  Bank  (24.4  billion  roubles),   Svyaznoy  Bank  (23.9  billion  roubles),  Alfa-­‐Bank  (17.8  billion  roubles),  Home   Credit  (14,9  billion  roubles),  Rosbank  (14.3  billion  roubles).   The  redivision  of  the  market  to  the  benefit  of  the  more  ac^ve  players   con^nued,  although  this  has  not  yet  affected  the  order  of  the  posi^ons   among  the  top  10  in  terms  of  porKolio  size  –  all  the  banks  have  retained   their  posi^ons  in  the  ra^ng.  The  second  half  of  the  top  20  saw  two  swaps:   Raiffeisenbank  rose  to  16th  place,  having  powered  past  bank  Avangard;  and   Trust  climbed  to  18th  place,  having  ouKlanked  MDM  Bank.   Four  banks  from  the  top  10,  succeeded  in  increasing  their  market  shares  in   Q2,  three  of  them  significantly:  Sberbank  –  from  18.1%  to  19.8%,  Tinkoff   Dynamics  of  credit   Credit  Systems  -­‐  from  6%  to  6.7%,  Svyaznoy  Bank  -­‐  from  4.2%  to  4.8%.  Alfa-­‐ cards  porBolios,  billion   Bank  increased  its  market  share  from  3.5%  to  3.6%,  having  returned  to   posi^ve  growth  ader  shrinkage  in  Q1,  when  it  declined  from  3.7%  to  3.5%.   roubles   According  to  second  quarter  results  in  the  second  half  of  the  top  20  only   bank  Trust  was  able  to  boast  an  increment  to  its  share  –  from  1%  to  1.1%.  Banks 01.01.08 01.01.09 01.01.10 01.01.11 01.01.12 01.07.12 Portfolio Market6share Portfolio Market6share Portfolio Market6share Portfolio Market6share Portfolio Market6share Portfolio Market6shareSberbank(of(Russia 0,7 0,4% 2,5 1,2% 8,3 4,3% 25,4 11,2% 63,0 17,1% 99,0 19,8%Russian(Standard* 88,3 49,8% 70,9 34,5% 56,3 29,2% 49,5 21,7% 59,3 16,1% 75,8 15,1%VTB(24 3,6 2,0% 12,0 5,8% 19,2 10,0% 24,8 10,9% 34,5 9,4% 42,0 8,4%Orient(Express 0,0 0,0% 0,2 0,1% 1,5 0,8% 3,1 1,4% 23,1 6,3% 35,7 7,1%TCS(Bank 0,7 0,4% 4,5 2,2% 4,9 2,5% 9,6 4,2% 21,2 5,8% 33,6 6,7%OTP(Bank 5,0 2,8% 6,8 3,3% 6,9 3,6% 12,5 5,5% 19,1 5,2% 24,4 4,9%Svyaznoy(Bank 0,0 0,0% 0,0 0,0% 0,0 0,0% 0,2 0,1% 12,4 3,4% 23,9 4,8%AlfaLBank 5,3 3,0% 8,2 4,0% 8,6 4,5% 10,7 4,7% 13,6 3,7% 17,8 3,6%HCF(Bank 20,9 11,8% 21,7 10,5% 16,6 8,6% 11,1 4,9% 14,1 3,8% 14,9 3,0%Rosbank 2,9 1,6% 3,7 1,8% 3,5 1,8% 5,9 2,6% 11,2 3,0% 14,3 2,9%Citibank 6,8 3,8% 10,7 5,2% 12,0 6,2% 12,9 5,7% 11,2 3,0% 12,2 2,4%Credit(Europe 1,3 0,7% 2,9 1,4% 3,2 1,7% 5,2 2,3% 9,5 2,6% 10,4 2,1%Moskomprivatbank 1,9 1,1% 3,4 1,7% 2,7 1,4% 4,2 1,8% 7,8 2,1% 8,3 1,7%Renaissance(Credit 2,6 1,5% 5,2 2,5% 3,8 2,0% 4,1 1,8% 5,7 1,6% 7,8 1,6%GE(Money(Bank 5,1 2,9% 7,1 3,4% 5,2 2,7% 5,0 2,2% 5,6 1,5% 5,5 1,1%Raiffeisen(Bank 1,0 0,6% 1,9 0,9% 2,4 1,2% 2,8 1,2% 4,0 1,1% 5,5 1,1%Avangard 6,7 3,8% 9,1 4,4% 6,1 3,2% 4,3 1,9% 4,2 1,1% 5,4 1,1%Trust 1,0 0,6% 1,0 0,5% 0,4 0,2% 1,4 0,6% 3,7 1,0% 5,3 1,1%MDM(Bank 4,1 2,3% 6,3 3,0% 6,6 3,4% 5,5 2,4% 4,6 1,3% 4,5 0,9%Uralsibbank 1,0 0,6% 1,4 0,7% 1,5 0,8% 1,9 0,8% 3,1 0,8% 4,3 0,9%Others 18,5 10,4% 26,3 12,8% 23,1 12,0% 27,6 12,1% 37,0 10,1% 49,9 10,0%Total6 177,4 100,0% 205,8 100,0% 192,9 100,0% 227,6 100,0% 367,8 100,0% 500,3 100,0% 2  
  • 3. 26  July,  2012  Russian  credit  card  market,  2012  Shares  of  the  banks  in  the  credit  card  market   Sberbank&of&Russia& Russian&Standard*& 19,8%& 23,8%& VTB&24& Orient&Express& 2,9%& 15,1%& TCS&Bank& 3,0%& 3,6%& OTP&Bank& 4,8%& 4,9%& 8,4%& Svyaznoy&Bank& 6,7%& 7,1%& AlfaLBank& HCF&Bank& Rosbank& Others& Due  to  the  aggressive  growth  of  these  banks,  other  players  have  to  put  up   with  losses  or  with  the  status-­‐quo.  In  Q2  Russian  Standard  reduced  its   market  share  from  15.3%  to  15.1%,  VTB24  –  from  9%  to  8.4%,  Orient   Express  –  from  7.2%  to  7.1%,  OTP  Bank  –  from  5%  to  4.9%,  Home  Credit  –   from  3.4%  to  3%,  Rosbank  from  3.1%  to  2.9%.     The  movement  vector  was  changed  by  Alfa-­‐Bank  and  Orient  Express  as   compared  to  Q1  –  if  the  former  is  again  increasing  the  market  share  ader   reduc^on  thereof  at  the  beginning  of  the  year,  the  lafer  went  in  the  red  in   terms  of  the  dynamics  of  the  market  share  ader  the  breakthrough  in  the   first  three  months.  3  
  • 4. 26  July,  2012  Russian  credit  card  market,  2012   2007 8944Number  of  issued  cards   2008 9296as  of  the  end  of  the   2009 8601year,  thousand  units     2010 10047 2011 14500 In  Q2  among  20  banks  with  the  largest  card  porKolios  only  five  were   increasing  the  lending  faster  than  the  market  (18.3%).  These  were  the  banks   that  were  able  to  increase  their  market  shares  as  a  result.  Sberbank   increased  the  porKolio  by  29.1%  in  the  quarter,  Tinkoff  Credit  Systems  –  by   31,7%,  Svyaznoy  Bank  –  by  34%,  Alfa-­‐Bank  –  by  19.4%,  Trust  –  by  29.1%.   In  absolute  terms  Sberbank  (plus  22.3  billion  roubles  per  quarter),  Russian   Standard  (11  billion  roubles),  Tinkoff  Credit  Systems  (8.1  billion  roubles),   Svyaznoy  Bank  (6.1  billion  roubles),  Orient  Express  –  5.2  billion  roubles  are   leading  in  terms  of  the  increment  of  their  card  porKolios.  MDM  Bank  is  the   only  one  among  the  twenty  to  reduce  the  porKolio  size  –  by  0.4%  to  4.47   billion  roubles.  The  size  of  the  credit   550%card  market,  billion   500% 500,3%roubles     450% 400% 367,8% 350% 300% 250% 227,6% 200,0% 192,2% 200% 171,3% 150% 2007% 2008% 2009% 2010% 2011% Q2,%2012%4  
  • 5. 26  July,  2012  Russian  credit  card  market,  2012   Leaders’  equator   Subject  to  the  results  of  the  half-­‐year,  Sberbank  stands  out  of  the  group  with   the  drama^c  growth  of  its  market  share  –  by  2.7  points  up  to  19.8%.  Having   increased  the  porKolio  to  almost  100  billion  roubles,  the  state  giant  has   occupied  the  fidh  part  of  the  market  and  secured  a  foo^ng  in  the  first  line  of   the  ra^ng.  Sberbank  succeeded  in  overtaking  the  market  leader  of  many   years,  bank  Russian  Standard,  in  Q4  of  the  year  2011.   Another  large  state  bank,  VTB24,  reduced  its  market  share  from  9.4%  to   8.4%,  while  maintaining  sufficiently  high  porKolio  growth  rates  –  21.8%  from   the  beginning  of  the  year.  But  considering  tough  compe^^ve  environment,   when  several  players  are  increasing  their  porKolio  simultaneously  at  priority   rates,  other  players  cannot  afford  just  to  keep  pace.   Despite  a  slow-­‐down  in  Q2,  subject  to  the  results  of  the  en^re  half-­‐year,  Dynamics  of  the  major   Orient  Express  succeeded  in  increasing  the  market  share  –  by  0.9  subpoints  players  during  the  year,   up  to  7.1%.  Tinkoff  Credit  Systems  increased  the  market  share  from  5.8%  to   6.7%,  Svyaznoy  Bank  -­‐  from  3.4%  to  4.8%,  Bank  Trust  –  from  1%  to  1.1%.  The  billion  roubles   other  banks  from  the  top  20  have  remained  flat,  or  reduced  their  market   shares.      120,00            100,00            80,00         Sberbank  of  Russia      60,00         Russian  Standard*   VTB  24      40,00         Orient  Express   TCS  Bank      20,00          -­‐            5  
  • 6. 26  July,  2012  Russian  credit  card  market,  2012   Impressive  are  the  growth  rates  of  the  ac^ve  large  players  of  the  credit  card   market  that  target  100%  increase  within  a  year.  Sberbank,  Orient  Express   and  Tinkoff  Credit  Systems  have  increased  their  porKolios  by  57.2%,  54.6%   and  58.6%  respec^vely  since  the  beginning  of  the  year.  In  absolute  terms   the  increment  of  the  porKolios  of  these  banks  made  up  36  billion  roubles,   12.6  billion  roubles  and  12.4  billion  roubles  respec^vely.   As  a  result,  the  concentra^on  in  the  credit  card  market  has  grown  –  as  of  1   July  five  largest  players  account  for  57.2%  of  the  market  (286.1  billion   roubles  from  500.3  billion  roubles).  Twenty  major  players  control  90%  of  the   market.   Svyaznoy  Bank  stands  apart  among  the  top  ten,  having  increased  its   porKolio  by  93.1%  up  to  23.9  billion  roubles  in  half  a  year  (7th  place  in  terms   of  porKolio  size).  Among  the  second  half  of  the  top  20  high  growth  rates  Change  of  posiNons   were  shown  by  Renaissance  Credit  and  Trust  –  by  36.1%  and  43.2%  in  half  a  among  the  top  10     year,  but  in  absolute  terms  this  is  rela^vely  moderate  –  growth  by  2.1  billion   roubles  and  1.6  billion  roubles  respec^vely.      1            2         Sberbank  of  Russia      3         Russian  Standard*      4         VTB  24      5         Orient  Express   TCS  Bank      6         OTP  Bank      7         Svyaznoy  Bank      8         Alfa-­‐Bank      9         HCF  Bank   Rosbank      10         Ci^bank  6  
  • 7. 26  July,  2012   Russian  credit  card  market,  2012   Ader  the  period  of  stagna^on,  the  credit  card  market  picked  up  and  began   growing  fast  again  in  the  second  half  of  year  2010.  From  1  October  2010  to  1   April  2012,  within  a  year  and  a  half,  the  market  size  doubled.  In  2011  its   growth  made  up  61.6%.  The  results  of  the  first  half-­‐year  of  the  year  2012   allow  for  hoping  that  the  last  year’s  growth  rates  will  be  exceeded.  The   Russians’  preferences  con^nue  shiding  increasingly  towards  credit  cards  as  a   more  technological  and  convenient  method  of  credi^ng.  Therefore,  the   credit  card  market  may  count  on  addi^onal  dividends  from  the  general   buoyancy  in  the  retail  banking  sector.   Note  (*):  The  management  of  the  bank  Russian  Standard  believes  that  the   bank  should  sLll  be  occupying  the  first  line  in  the  raLng  in  terms  of  the  size  of   the  credit  cards  porKolio,  since  some  of  the  “card  loans”  are  recognized  by   the  bank  in  accounts  45505  (Loans  and  other  means  extended  to  natural   persons  for  a  period  from  181  day  to  1  year),  45506  (Loans  and  other  means   extended  to  natural  persons  for  a  period  from  1  year  to  3  years),  45507   (Loans  and  other  means  extended  to  natural  persons  for  a  period  in  excess  of   3  years).   According  to  our  experts’  opinion,  a  classical  credit  card  is  a  call  loan.  For  the   purposes  of  the  raLng  we  take  into  account  the  sum  of  the  accounts  45508   Leaders  in  terms  of   (Loans  and  other  means  extended  to  natural  persons  on  the  on  call  basis)   and  45509  (Loan  extended  subject  to  lack  of  means  in  the  deposit  account   porBolio  growth   (“overdraI”)).  Top 20 in terms of Increment, Increment, Top 20 in terms of Increment,absolute growth for billion Top 20 in terms of absolute growth billion absolute growth from billionJune, 2012 roubles in a year since July, 2011 roubles the beginning of 2012 roublesSberbank of Russia 7,48 Sberbank of Russia 57,47 Sberbank of Russia 36,02Russian Standard* 3,91 Orient Express 26,89 Russian Standard* 16,49TCS Bank 3,32 Russian Standard* 22,79 Orient Express 12,61Orient Express 1,49 Svyaznoy Bank 20,07 TCS Bank 12,41VTB24 1,13 TCS Bank 18,06 Svyaznoy Bank 11,51Alfa-Bank 0,85 VTB24 12,47 VTB24 7,53OTP Bank 0,82 OTP Bank 8,78 OTP Bank 5,21SKB-Bank 0,79 Alfa-Bank 5,72 Alfa-Bank 4,17Svyaznoy Bank 0,73 Rosbank 5,31 Rosbank 3,09MTS Bank 0,63 HCF Bank 3,78 SKB-Bank 2,43Trust 0,41 Renaissance Credit 3,37 Renaissance Credit 2,08Renaissance Credit 0,38 Credit Europe 3,00 Sovcombank 1,67Gazprombank 0,33 SKB-Bank 2,55 Trust 1,60Rosbank 0,25 Sovcombank 2,46 Raiffeisen Bank 1,45Open Bank 0,17 Trust 2,31 Uralsibbank 1,28Raiffeisen Bank 0,16 Raiffeisen Bank 2,23 MTS Bank 1,25Sovcombank 0,16 Uralsibbank 1,95 Avangard 1,24Citibank 0,12 Moskomprivatbank 1,86 Citibank 1,09Avangard 0,12 MTS Bank 1,55 Gazprombank 0,85Pervomaisky Bank 0,11 Open Bank 1,51 Credit Europe 0,84Total 23,07 Total 213,25 Total 116,50 7  
  • 8. 26  July,  2012  Russian  credit  card  market,  2012  This  report  is  made  by  the  specialists  of  the  bank  Tinkoff  Credit  Systems.  For  the  purposes  of  drawing  up  the  report,  the  Bank  relied  on  the  informa^on  obtained  from  official  sources.  The  volume  of  the  porKolios  is  calculated  as  the  amount  of  the  undue  principal  debt  according  to  Central  Bank,  with  an  addi^onal  expert  evalua^on  of  the  secured  assets.  Please  contact  Oleg  Anisimov  on  any  mafers  related  to  coopera^on,  o.anisimov@tcsbank.ru.  TCS  credit  cards:  hfp://www.tcsbank.ru/credit.  TCS  deposits:  hfp://www.tcsbank.ru/deposit.    ©  Tinkoff  Credit  Systems,  2012.  All  rights  reserved.  When  quo^ng  please  refer  to  the  bank  Tinkoff  Credit  Systems.  8  

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