Credit card market in Russia, II quarter 2013
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  • 1. Credit  card  market  in  Russia,   II  quarter  2013   The  leaders  are  increasing  the  gap   According  to  the  results  of  the  first  six  months  of  2013,  the  Russian  credit  card  market  grew  by  24.7%  to  837.4  billion   roubles  (in  the  first  hphf  of  2012  –  by  36%).  The  absolute  increase  amounted  to  166.1  billion  roubles.  The  leaders  in   terms  of  growth  of  porJolios  in  January-­‐June  were  Sberbank  (+44.1  billion  roubles),  the  Russian  Standard  bank  (+33.2   billion  roubles)  and  Tinkoff  Credit  Systems  (TCS  Bank  +16.3  billion  roubles).  The  posiRon  of  the  leading  players  improved   and  managed  to  surpass  the  rest  of  the  market  as  well  as  acRve  newcomers.   Trends:   •  The  Russian  credit  card  market  grew  in  the    first  6  months  of  2013  by  24.7%  to  837.4  billion  roubles  (in  the  first  half  of   2012  –  by  36%),  the  growth  in  annual  terms  amounted  to  67%;   •  Russian  Standard,  Tinkoff  Credit  Systems  and  Sberbank  are  leading  in  terms  of  the  volume  of  the  porLolio  and   absolute  quarterly  growth;     •  Sberbank  and  other  players  conNnued  to  slow  the  pace  of  growth  in  annual  terms  together  with  the  market;  HCF   Bank  increased  its  growth  rate  year-­‐on-­‐year  in  the  top  ten;   •  The  most  acNve  parNcipants  conNnued  to  increase  their  market  share,  maintaining  their  growth  rate  above  the   average  level,  Alfa-­‐Bank  and  OTP  Bank  improved  their  posiNons  in  the  top  10.   1   July  30,  2013   The  market  size  as  of   01.07.13   837.4  billion  roubles  (+24,7%   as  compared  to  01.01.13)  
  • 2. Credit  card  market  in  Russia,  II  quarter  2013   July  30,  2013   2   The  growth  rate  of  the  market  in  the  II  quarter  increased  by  12%  compared   with  11.4%  in  the  I  quarter  of  2013.  According  to  the  results  of  the  I  and  II   quarter  of  2012,  the  increase  was  15%  and  18.3%,  respecRvely,  and  the   results  at  the  end  of  2012  showed  market  growth  of  82.5%.  The  annual   growth  rate  of  the  credit  card  market  (year-­‐on-­‐year,  yoy)  declined  from  77%   in  the  I  quarter  to  67%  in  the  II  quarter  of  2013.   The  three  leaders  of  the  Russian  market  have  not  changed  –  in  terms  of   porJolio;  ahead  of  the  pack  are  Sberbank,  Russian  Standard  and  Tinkoff   Credit  Systems.  The  top  ten  of  the  largest  banks  in  the  credit  card  market  for   the  II  quarter  look  like  this:  Sberbank  (porJolio:  193.4  billion  roubles),   Russian  Standard  (134.1  billion  roubles),  TCS  Bank  (64.3  billion  roubles),  VTB   24  (56.7  billion  roubles),  Alfa-­‐Bank  (42.2  billion  roubles  ),  Orient   Express(37.5  billion  roubles),  OTP  Bank  (33.5  billion  roubles),  Svyaznoy  (33.4   billion  roubles),  HCF  Bank  (27.8  billion  roubles)  and  Rosbank  (17.4  billion   roubles).   Dynamics  of  credit  card   por?olios,  billion  roubles     Банки 01.01.09 01.01.10 01.01.11 01.01.12 01.01.13 01.07.13 Portfolio Market8share Portfolio Market8share Portfolio Market8share Portfolio Market8share Portfolio Market8share Portfolio Market8share Sberbank 2,5++++++ 1,2% 8,3++++++ 4,3% 25,4++++ 11,2% 63,0++++ 17,1% 149,3++ 22,2% 193,4++ 23,1% Russian+Standard+Bank 70,9++++ 34,5% 56,3++++ 29,2% 49,5++++ 21,7% 59,3++++ 16,1% 100,9++ 15,0% 134,1++ 16,0% TCS+Bank 4,5++++++ 2,2% 4,9++++++ 2,5% 9,6++++++ 4,2% 21,2++++ 5,8% 48,0++++ 7,2% 64,3++++ 7,7% VTB+24 12,0++++ 5,8% 19,2++++ 10,0% 24,8++++ 10,9% 34,5++++ 9,4% 48,6++++ 7,2% 56,7++++ 6,8% AlfaBBank 8,2++++++ 4,0% 8,6++++++ 4,5% 10,7++++ 4,7% 13,6++++ 3,7% 30,8++++ 4,6% 42,2++++ 5,0% Orient+Express+Bank 0,2++++++ 0,1% 1,5++++++ 0,8% 3,1++++++ 1,4% 23,1++++ 6,3% 45,1++++ 6,7% 37,5++++ 4,5% OTP+Bank 6,8++++++ 3,3% 6,9++++++ 3,6% 12,5++++ 5,5% 19,1++++ 5,2% 29,9++++ 4,5% 33,5++++ 4,0% Svyaznoy+Bank 0,0++++++ 0,0% 0,0++++++ 0,0% 0,2++++++ 0,1% 12,4++++ 3,4% 32,5++++ 4,8% 33,4++++ 4,0% HCF+Bank 21,7++++ 10,5% 16,6++++ 8,6% 11,1++++ 4,9% 14,1++++ 3,8% 19,6++++ 2,9% 27,8++++ 3,3% Rosbank 3,7++++++ 1,8% 3,5++++++ 1,8% 5,9++++++ 2,6% 11,2++++ 3,0% 15,4++++ 2,3% 17,4++++ 2,1% Privatbank 3,4++++++ 1,7% 2,7++++++ 1,4% 4,2++++++ 1,8% 7,8++++++ 2,1% 10,5++++ 1,6% 15,9++++ 1,9% Trust 1,0++++++ 0,5% 0,4++++++ 0,2% 1,4++++++ 0,6% 3,7++++++ 1,0% 9,7++++++ 1,4% 15,5++++ 1,9% Citibank 10,7++++ 5,2% 12,0++++ 6,2% 12,9++++ 5,7% 11,2++++ 3,0% 12,6++++ 1,9% 14,1++++ 1,7% Credit+Europe+Bank 2,9++++++ 1,4% 3,2++++++ 1,7% 5,2++++++ 2,3% 9,5++++++ 2,6% 11,7++++ 1,7% 13,0++++ 1,6% Renaissance+Capital 5,2++++++ 2,5% 3,8++++++ 2,0% 4,1++++++ 1,8% 5,7++++++ 1,6% 9,8++++++ 1,5% 11,6++++ 1,4% Raiffaisenbank 1,9++++++ 0,9% 2,4++++++ 1,2% 2,8++++++ 1,2% 4,0++++++ 1,1% 7,1++++++ 1,1% 9,3++++++ 1,1% MTS+Bank 2,5++++++ 1,2% 2,1++++++ 1,1% 2,1++++++ 0,9% 2,5++++++ 0,7% 6,4++++++ 1,0% 9,1++++++ 1,1% Leto+Bank B++++++ 0,0% B++++++ 0,0% B++++++ 0,0% B++++++ 0,0% 0,7++++++ 0,1% 7,7++++++ 0,9% Uralsib 1,4++++++ 0,7% 1,5++++++ 0,8% 1,9++++++ 0,8% 3,1++++++ 0,8% 6,0++++++ 0,9% 7,6++++++ 0,9% Avangard 9,1++++++ 4,4% 6,1++++++ 3,2% 4,3++++++ 1,9% 4,2++++++ 1,1% 6,2++++++ 0,9% 7,4++++++ 0,9% Others 37,2++++ 18,1% 32,9++++ 17,0% 36,0++++ 15,8% 44,7++++ 12,1% 70,4++++ 10,5% 85,8++++ 10,3% Total 205,88 100,0% 192,98 100,0% 227,68 100,0% 367,88 100,0% 671,38 100,0% 837,48 100,0%
  • 3. Credit  card  market  in  Russia,  II  quarter  2013   July  30,  2013   3   Banks’  shares  in  the  credit   card  market     Against  the  background  of  slow  growth,  a  number  of  players  conRnue  to   grow  faster  than  the  market.  In  the  II  quarter,  the  leader  –  in  terms  of  the   relaRve  increase  in  the  porJolio  of  the  20  largest  banks  –  was  the  relaRve   newbie  to  the  raRngs:  Leto  Bank.  Its  porJolio  increased  by  160.5%  to  7.7   billion  roubles.  Moscomprivatbank  added  31%  to  its  porJolio,  MTS  Bank  –   22%,  Trust  –  20.2%,  HCF  Bank  –  18.8%,  TCS  Bank  –16.2%,  Russian  Standard  –   14.9%;  Alfa-­‐Bank  –  14.7%,  Sberbank  –14.3%,  Uralsib  –  13%.   23,1%   16,0%   7,7%   6,8%   5,0%   4,5%   4,0%   4,0%   3,3%   2,1%   23,5%   Sberbank   Russian  Standard  Bank   TCS  Bank   VTB  24   Alfa-­‐Bank   Orient  Express  Bank   OTP  Bank   Svyaznoy  Bank   HCF  Bank   Rosbank   Others  
  • 4. Credit  card  market  in  Russia,  II  quarter  2013   July  30,  2013   4      Number  of  issued   credit  cards     (as  of  the  end  of  the  year     and  the  quarter)     There  were  two  reshuffles  in  the  top  ten  according  to  the  results  of  April-­‐ June.  As  we  expected,  Alfa-­‐Bank  displaced  Orient  Express,  up  from  6th  to   5th  place  and  increased  its  market  share  from  4.9%  to  5%.  The  share  of   Orient  Express  decreased  from  5.5%  to  4.5%.  It's  the  only  bank  in  the  top  20   on  the  market  that  has  experienced  a  reducRon  of  its  credit  card  porJolio  in   the  past  quarter  (by  3.4  billion  roubles,  -­‐8.3%).  In  terms  of  the  six  months   period,  Orient  Express's  porJolio  fell  by  16.7%.   OTP  Bank  rose  from  8th  to  7th  place,  beaRng  Svyaznoy.  Thus  for  the  April-­‐ June  period  the  market  share  of  both  banks  decreased:  OTP  –  from  4.2%  to   4%,  Svyaznoy  –  from  4.3%  to  4%.  The  share  of  VTB  24  decreased  by  0.3   percentage  points  to  6.8%  in  the  II  quarter.  Rosbank  lost  0.2  percentage   points;  its  share  at  the  end  of  June  amounted  to  2.1%,  CiRbank  –  minus  0.1   points  to  1.7%.     Size  of  the  credit  card   market,  billion  roubles   2007 8%944%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 2008 9%296%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 2009 8%601%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 2010 10%047%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 2011 15%026%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 2012 22%483%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% Iq#2013 24#694#########################################    177,4            205,8            192,9            227,6            367,8            671,3            837,4         0   100   200   300   400   500   600   700   800   900   2007   2008   2009   2010   2011   2012   IIq  2013  
  • 5. Credit  card  market  in  Russia,  II  quarter  2013   July  30,  2013   5   The  remaining  banks  among  the  top  20  in  the  II  quarter  maintained  or   increased  their  share.  Sberbank  and  Leto  Bank  increased  their  share  more   than  any  other  bank  (+0.5  pp  to  23.1%  and  0.9%,  respecRvely),  as  well  as   Russian  Standard  (+0.4  pp  to  16%),  TCS  Bank  (+0.3  pp  to  7.7%)  and   Moscomprivatbank  (+0.3  pp  to  1.9).   According  to  the  results  of  the  six  months  period,  the  most  noRceable   increase  in  market  share  was  afributed  to  Russian  Standard  –  plus  1  pp.   Sberbank  gained  0.9  points,  Leto  Bank  –  0.8  pp,  TCS  Bank  –  0.5  pp.  Alfa-­‐ Bank,  HCF  Bank  and  Trust  increased  their  market  shares  by  0.4  points  for  the   period  from  January  to  June.   Dynamics  of  the  largest   players  within  the  year,   billion  roubles    -­‐          50          100          150          200          250         Sberbank   Russian  Standard  Bank   TCS  Bank   VTB  24   Alfa-­‐Bank  
  • 6. Credit  card  market  in  Russia,  II  quarter  2013   July  30,  2013   6   The  growth  rate  of  Sberbank  conRnued  to  fall,  even  as  the  leader  in  absolute   growth  of  the  porJolio.  On  an  annual  basis  (yoy)  the  growth  rate  of  its   porJolio  in  the  II  quarter  amounted  to  95%  against  121%  in  the  I  quarter  of   2013,  137%  in  the  IV  quarter,  and  151%  in  the  III  quarter,  2012.     A  slowdown  in  the  annual  growth  rate  was  seen  by  all  banks  out  of  the  top   10,  with  the  excepRon  of  HCF  Bank  (87%  against  63%  in  the  I  quarter).  The   growth  rate  of  Alfa-­‐Bank  although  reduced  in  comparison  with  the  I  quarter   (137%  against  147%),  remained  higher  than  last  year.  Svyaznoy  experienced   a  significant  slowdown  in  growth  –  40%  versus  81%  in  the  I  quarter.     Change  of  posiOons  among   the  top  10   1   2   3   4   5   6   7   8   9   10   Sberbank   Russian  Standard  Bank   TCS  Bank   VTB  24   Alfa-­‐Bank   Orient  Express  Bank   OTP  Bank   Svyaznoy  Bank   HCF  Bank   Rosbank   Privatbank  
  • 7. Credit  card  market  in  Russia,  II  quarter  2013   July  30,  2013   7   Por?olio  growth     leaders   Bank Portfolio,- billion-roubles yoy Portfolio,- billion-roubles yoy Portfolio,- billion-roubles yoy Portfolio,- billion-roubles yoy Portfolio,- billion-roubles yoy Portfolio,- billion-roubles yoy Sberbank 76,64 141% 98,98 138% 128,43 151% 149,29 137% 169,26 121% 193,44 95% Russian7Standard 64,76 30% 75,79 43% 87,57 53% 100,90 70% 116,74 80% 134,09 77% TCS7Bank 25,51 118% 33,60 116% 40,08 117% 48,00 127% 55,31 117% 64,29 91% VTB724 37,91 41% 41,99 42% 46,63 42% 48,64 41% 52,72 39% 56,74 35% AlfaBBank 14,90 30% 17,80 47% 24,17 83% 30,85 126% 36,80 147% 42,19 137% Orient7Express 30,54 590% 35,69 305% 39,88 199% 45,05 95% 40,94 34% 37,54 5% OTP7Bank 21,35 59% 24,35 56% 27,23 58% 29,90 56% 31,41 47% 33,51 38% Svyaznoy7Bank 17,82 1756% 23,88 526% 27,18 241% 32,46 162% 32,32 81% 33,39 40% HCF7Bank 14,35 38% 14,88 34% 16,56 27% 19,64 39% 23,39 63% 27,80 87% Rosbank 12,98 71% 14,26 59% 15,69 49% 15,45 38% 16,84 30% 17,39 22% Total 422,94 71% 500,29 74% 589,40 78% 671,25 83% 747,53 77% 837,35 67% 2012 2013 I-q II-q III-q IV-q I-q II-q Year  growth  rates,     top-­‐10   Top$20$in$terms$of$absolute$ growth,$June$2013 Gain,$billion$ roubles Top$20$in$terms$of$absolute$ growth$for$the$year,$from$July$ 2012 Gain,$billion$ roubles Top$20$in$terms$of$absolute$ growth,$from$the$beginning$of$ 2013 Gain,$billion$ roubles Sberbank 6,68 Sberbank 94,46 Sberbank 44,15 Russian3Standard 5,65 Russian3Standard 58,30 Russian3Standard 33,19 TCS3Bank 3,20 TCS3Bank 30,69 TCS3Bank 16,29 Leto3Bank 1,98 AlfaABank 24,39 AlfaABank 11,34 HCF3Bank 1,28 VTB324 14,75 HCF3Bank 8,15 VTB324 1,09 HCF3Bank 12,92 VTB324 8,10 AlfaABank 0,98 Trust 10,18 Leto3Bank 7,03 Privatbank 0,96 Svyaznoy3Bank 9,52 Trust 5,78 Trust 0,68 OTP3Bank 9,16 Privatbank 5,36 OTP3Bank 0,68 Leto3Bank 7,68 OTP3Bank 3,61 Svyaznoy3Bank 0,51 Privatbank 7,58 MTS3Bank 2,69 MTS3Bank 0,39 MTS3Bank 5,31 Raiffaisenbank 2,15 Gazprombank 0,37 Raiffaisenbank 3,84 Rosbank 1,94 Uralsib 0,30 Renaissance3Capital 3,78 Renaissance3Capital 1,81 Rosgosstrakh3bank 0,29 SKBABank 3,61 Uralsib 1,62 AsianAPacific3Bank 0,28 Uralsib 3,25 Citibank 1,50 Renaissance3Capital 0,27 Rosbank 3,12 Credit3Europe3Bank 1,32 Svyaznoy3Bank 0,24 Credit3Europe3Bank 2,64 UniCredit3Bank 1,19 MDM3Bank 0,17 Gazprombank 2,49 Avangard 1,18 Avangard 0,14 Avangard 1,96 Rosgosstrakh3bank 0,94 Total 26,23 Total 337,07 Total 166,10
  • 8. Credit  card  market  in  Russia,  II  quarter  2013   July  30,  2013   8   This  report  is  made  by  the  analysts  of  the  Bank  Tinkoff  Credit  Systems.  For  the  purposes  of  drawing  up  the  report  the  bank  relied  on  the   informaRon  of  the  RF  Central  Bank.  Our  analysts  for  the  purposes  of  the  raRng  recognize  the  sum  of  the  accounts  45508  (Loans  and   other  money  provided  to  individuals  on  a  call  basis)  and  45509  (Loan  provided  in  case  of  lack  of  money  in  the    deposit  account   (“overdrah”)).   On  cooperaRon  mafers  please  contact  Oleg  Anisimov  o.anisimov@tcsbank.ru     TCS  credit  cards:  hfp://www.tcsbank.ru/credit.     TCS  deposits:  hfp://www.tcsbank.ru/deposit.     TCS  debit  cards:  hfp://www.tcsbank.ru/debit/     ©  Tinkoff  Credit  Systems,  2013.  All  rights  reserved.  For  quotes  please  refer  to  the  bank  Tinkoff  Credit  Systems.