According to Q1 2013 results, the Russian credit card market grew by 11.4% to reach 747.5 billion Roubles (in Q4 it grew by 13.9%). The overall increase was 76.3 billion Roubles. In January–March Sberbank (+20 billion Roubles), bank Russian Standard (+15.8 billion Roubles) and Tinkoff Credit Systems (TCS Bank, + 7.3 billion Roubles) were leaders in terms of portfolio growth.

1. Credit
card
market
in
Russia,
I
quarter
2013
New
leaders
of
the
Russian
market
According
to
Q1
2013
results,
the
Russian
credit
card
market
grew
by
11.4%
to
reach
747.5
billion
Roubles
(in
Q4
it
grew
by
13.9%).
The
overall
increase
was
76.3
billion
Roubles.
In
January–March
Sberbank
(+20
billion
Roubles),
bank
Russian
Standard
(+15.8
billion
Roubles)
and
Tinkoff
Credit
Systems
(TCS
Bank,
+
7.3
billion
Roubles)
were
leaders
in
terms
of
porUolio
growth.
Trends
and
forecasts:
• The
Russian
credit
card
market
has
grown
by
11.4%
up
to
747.5
billion
Roubles
(in
Q4
by
13.9%);
• TCS
Bank
has
risen
to
third
place,
having
overtaken
VTB24;
and
Alfa-­‐bank
reached
6th
posiOon,
overtaking
Bank
Svyaznoy;
• Sberbank
has
lost
growth
momentum,
while
remaining
the
overall
leader
in
terms
of
total
porQolio
gain;
according
to
the
results
of
the
quarter
the
share
of
the
five
largest
banks
has
shrunk;
• As
expected,
the
leveling
of
the
low
base
effect
has
begun
to
affect
the
market
growth
rates
as
a
whole,
and
the
figures
of
individual
players;
the
market
anOcipates
change
of
growth
leaders.
1
April
29,
2013
The
market
size
as
of
01.04.13
747.5
billion
roubles
(+11,4%
as
compared
to
01.01.13)
*See
note
at
the
end
of
the
document
Bank Portfolio,-billion-roubles Market-share
Sberbank 169,3------------------------- 22,6%
Russian-Standard-Bank* 116,7------------------------- 15,6%
TCS-Bank 55,3--------------------------- 7,4%
VTB-24 52,7--------------------------- 7,1%
Orient-Express-Bank 40,9--------------------------- 5,5%
AlfaFBank 36,8--------------------------- 4,9%
Svyaznoy-Bank 32,3--------------------------- 4,3%
OTP-Bank 31,4--------------------------- 4,2%
HCF-Bank 23,4--------------------------- 3,1%
Rosbank 16,8--------------------------- 2,3%

2. Credit
card
market
in
Russia,
I
quarter
2013
April
29,
2013
2
Some
changes
have
occurred
among
the
three
market
leaders
–
TCS
Bank
has
risen
from
the
4th
to
3rd
place
in
terms
of
credit
card
porUolio
size,
by
increasing
the
market
share
from
7.2%
as
of
the
end
of
2012
to
7.4%
as
of
1
April,
2013.
Sberbank
and
Russian
Standard
have
retained
1st
and
2nd
places
respecWvely,
having
increased
their
share
from
22.2%
and
15%
to
22.6%
and
15.6%.
VTB24
has
gone
down
from
3rd
to
the
4th
posiWon,
lost
market
share
which
fell
from
7.2%
to
7.1%.
As
of
the
end
of
Q1
the
top
ten
major
banks
in
the
credit
card
market
are
as
follows:
Sberbank
(with
a
porUolio
of
169.3
billion
Roubles),
Russian
Standard
(116.7
billion
Roubles),
TCS
Bank
(55.3
billion
Roubles),
VTB24
(52.7
billion
Roubles),
Orient
Express
Bank
(40.9
billion
Roubles),
Alfa-­‐bank
(36.8
billion
Roubles),
Svyaznoy
(32.3
billion
Roubles),
OTP
Bank
(31.4
billion
Roubles),
HCF
Bank
(23.4
billion
Roubles)
and
Rosbank
(16.8
billion
Roubles).
Dynamics
of
credit
card
por?olios,
billion
roubles
Banks 01.01.08 01.01.09 01.01.10 01.01.11 01.01.12 01.01.13 01.04.13
Portfolio Market7share Portfolio Market7share Portfolio Market7share Portfolio Market7share Portfolio Market7share Portfolio Market7share Portfolio Market7share
Sberbank 0,7++++++++ 0,4% 2,5++++++++ 1,2% 8,3++++++++ 4,3% 25,4++++++ 11,2% 63,0++++++ 17,1% 149,3+++ 22,2% 169,3+++ 22,6%
Russian+Standard+Bank 88,3++++++ 49,8% 70,9++++++ 34,5% 56,3++++++ 29,2% 49,5++++++ 21,7% 59,3++++++ 16,1% 100,9+++ 15,0% 116,7+++ 15,6%
TCS+Bank 0,7++++++++ 0,4% 4,5++++++++ 2,2% 4,9++++++++ 2,5% 9,6++++++++ 4,2% 21,2++++++ 5,8% 48,0++++++ 7,2% 55,3++++++ 7,4%
VTB+24 3,6++++++++ 2,0% 12,0++++++ 5,8% 19,2++++++ 10,0% 24,8++++++ 10,9% 34,5++++++ 9,4% 48,6++++++ 7,2% 52,7++++++ 7,1%
Orient+Express+Bank 0,0++++++++ 0,0% 0,2++++++++ 0,1% 1,5++++++++ 0,8% 3,1++++++++ 1,4% 23,1++++++ 6,3% 45,1++++++ 6,7% 40,9++++++ 5,5%
AlfaFBank 5,3++++++++ 3,0% 8,2++++++++ 4,0% 8,6++++++++ 4,5% 10,7++++++ 4,7% 13,6++++++ 3,7% 30,8++++++ 4,6% 36,8++++++ 4,9%
Svyaznoy+Bank 0,0++++++++ 0,0% 0,0++++++++ 0,0% 0,0++++++++ 0,0% 0,2++++++++ 0,1% 12,4++++++ 3,4% 32,5++++++ 4,8% 32,3++++++ 4,3%
OTP+Bank 5,0++++++++ 2,8% 6,8++++++++ 3,3% 6,9++++++++ 3,6% 12,5++++++ 5,5% 19,1++++++ 5,2% 29,9++++++ 4,5% 31,4++++++ 4,2%
HCF+Bank 20,9++++++ 11,8% 21,7++++++ 10,5% 16,6++++++ 8,6% 11,1++++++ 4,9% 14,1++++++ 3,8% 19,6++++++ 2,9% 23,4++++++ 3,1%
Rosbank 2,9++++++++ 1,6% 3,7++++++++ 1,8% 3,5++++++++ 1,8% 5,9++++++++ 2,6% 11,2++++++ 3,0% 15,4++++++ 2,3% 16,8++++++ 2,3%
Citibank 6,8++++++++ 3,8% 10,7++++++ 5,2% 12,0++++++ 6,2% 12,9++++++ 5,7% 11,2++++++ 3,0% 12,6++++++ 1,9% 13,5++++++ 1,8%
Trust 1,0++++++++ 0,6% 1,0++++++++ 0,5% 0,4++++++++ 0,2% 1,4++++++++ 0,6% 3,7++++++++ 1,0% 9,7++++++++ 1,4% 12,9++++++ 1,7%
Privatbank 1,9++++++++ 1,1% 3,4++++++++ 1,7% 2,7++++++++ 1,4% 4,2++++++++ 1,8% 7,8++++++++ 2,1% 10,5++++++ 1,6% 12,1++++++ 1,6%
Credit+Europe+Bank 1,3++++++++ 0,7% 2,9++++++++ 1,4% 3,2++++++++ 1,7% 5,2++++++++ 2,3% 9,5++++++++ 2,6% 11,7++++++ 1,7% 11,9++++++ 1,6%
Renaissance+Capital 2,6++++++++ 1,5% 5,2++++++++ 2,5% 3,8++++++++ 2,0% 4,1++++++++ 1,8% 5,7++++++++ 1,6% 9,8++++++++ 1,5% 10,6++++++ 1,4%
Raiffaisenbank 1,0++++++++ 0,6% 1,9++++++++ 0,9% 2,4++++++++ 1,2% 2,8++++++++ 1,2% 4,0++++++++ 1,1% 7,1++++++++ 1,1% 8,4++++++++ 1,1%
MTS+Bank 1,5++++++++ 0,8% 2,5++++++++ 1,2% 2,1++++++++ 1,1% 2,1++++++++ 0,9% 2,5++++++++ 0,7% 6,4++++++++ 1,0% 7,4++++++++ 1,0%
Avangard 6,7++++++++ 3,8% 9,1++++++++ 4,4% 6,1++++++++ 3,2% 4,3++++++++ 1,9% 4,2++++++++ 1,1% 6,2++++++++ 0,9% 6,9++++++++ 0,9%
Uralsib 1,0++++++++ 0,6% 1,4++++++++ 0,7% 1,5++++++++ 0,8% 1,9++++++++ 0,8% 3,1++++++++ 0,8% 6,0++++++++ 0,9% 6,7++++++++ 0,9%
SKBFBank 0,0++++++++ 0,0% 0,0++++++++ 0,0% 0,0++++++++ 0,0% 0,0++++++++ 0,0% 0,1++++++++ 0,0% 5,8++++++++ 0,9% 6,5++++++++ 0,9%
Others 26,2++++++ 14,8% 37,2++++++ 18,1% 32,9++++++ 17,0% 36,0++++++ 15,8% 44,5++++++ 12,1% 65,2++++++ 9,7% 74,9++++++ 10,0%
Total 177,4777 100,0% 205,8777 100,0% 192,9777 100,0% 227,6777 100,0% 367,8777 100,0% 671,3777 100,0% 747,5777 100,0%

3. Credit
card
market
in
Russia,
I
quarter
2013
April
29,
2013
3
Banks’
shares
in
the
credit
card
market
In
addiWon
to
TCS
Bank
and
VTB24
trading
places
within
the
top
10,
another
change
of
posiWons
has
occurred.
Alfa-­‐bank
has
risen
from
7th
to
6th
posiWon,
having
increased
its
market
share
from
4.6%
to
4.9%
and
pushing
Svyaznoy
down
the
rankings.
In
Q1,
Svyaznoy’s
porUolio
has
shrunk
slightly,
which
resulted
in
a
decrease
of
this
bank’s
market
share
from
4.8%
to
4.3%.
SelecEve
growth
Among
20
major
banks
more
than
half
of
the
players
have
demonstrated
growth
rates
above
the
market.
The
porUolios
of
the
bank
Trust
(+32.7%),
Alfa-­‐bank
(+19.3%),
HCF
Bank
(+19.1%),
Raiffeisen
Bank
(+17.1%),
MTS
Bank
(+16.4%),
Russian
Standard
(+157%),
TCS
Bank
and
Privatbank
(+15.2%),
Sberbank
(+13.4%),
SKB
Bank
(+13.2%)
and
Uralsib
(+12.4%)
have
been
growing
faster
than
others.
Svyaznoy
(-­‐0.4%)
and
Orient
Express
Bank
(-­‐9,1%)
have
reduced
their
credit
card
porUolio.
22,6%
15,6%
7,4%
7,1%
5,5%
4,9%
4,3%
4,2%
3,1%
2,3%
23,0%
Sberbank
Russian
Standard
Bank
TCS
Bank
VTB
24
Orient
Express
Bank
Alfa-­‐Bank
Svyaznoy
Bank
OTP
Bank
HCF
Bank
Rosbank
Others

4. Credit
card
market
in
Russia,
I
quarter
2013
April
29,
2013
4
Number
of
issued
credit
cards
(as
of
the
end
of
the
year)
The
consistently
high
growth
helped
increase
the
market
shares
of
six
banks
in
the
top
20.
Russian
Standard
has
shown
the
most
significant
gain
for
this
value
-­‐
plus
0.6%,
followed
by
Sberbank
–
plus
0.4%,
followed
by
Alfa-­‐bank
and
Trust
–
plus
0.3%,
followed
by
TCS
Bank
and
HCF
Bank
–
plus
0.2%.
Credit
card
concentraWon
in
the
market
remains
high
–
58.2%
of
the
market
is
accounted
for
by
five
major
players.
The
year
before
this
index
was
55.7%
(as
of
1
April,
2012
года).
The
banks
from
the
top
20
account
for
90%
of
the
market.
At
the
same
Wme,
in
Q1
the
share
of
the
first
five
has
slightly
decreased
-­‐
by
0.2
percent
points,
from
58.4%
as
at
the
beginning
of
the
year.
Such
dynamics
has
resulted
from
the
slowdown
of
some
major
players
as
the
other
players
became
more
acWve.
The
effect
of
the
high
base
has
probably
begun
to
manifest
itself
in
Sberbank’s
sweeping
ascent,
which
took
first
posiWon
in
the
credit
card
market
at
the
end
of
2011.
While
remaining
the
leader
in
terms
of
total
porUolio
gain,
the
bank
is
demonstraWng
the
rates
that
are
lower
than
its
own
last
year
results
-­‐
3-­‐5%
per
month
instead
of
5-­‐11%.
Orient
Express
Bank
is
downsizing
its
credit
card
porUolio.
Last
year
it
already
lost
one
posiWon
to
the
compeWtors,
having
moved
to
the
5th
place.
If
the
current
trends
prevail,
this
market
player
may
let
Alfa-­‐bank
overtake
it
in
the
nearest
future.
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$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
177,4
205,8
192,9
227,6
367,8
671,3
747,5
0
100
200
300
400
500
600
700
800
2007
2008
2009
2010
2011
2012
1q
2013

5. Credit
card
market
in
Russia,
I
quarter
2013
April
29,
2013
5
The
picture
is
changing
Beyond
the
first
five
the
dynamics
is
also
mulWdirecWonal.
Alfa,
which
set
to
development
of
the
credit
card
business
with
goodwill,
remains
one
of
the
leaders
in
terms
of
growth
rates,
but
the
growth
is
far
from
stable:
in
January
the
bank
increased
the
porUolio
by
10.8%,
in
February
and
March
-­‐
by
3.9%
and
3.7%.
As
it
has
already
been
noted
before,
one
of
the
fastest
growing
banks
of
the
previous
year
-­‐Svyaznoy
–
has
taken
a
Wme-­‐out.
Bank
Trust
is
keeping
up
high
growth
rates,
giving
rise
to
expectaWons
that
it
will
improve
its
raWng.
MTS
Bank,
which
last
year
had
built
up
a
significant
margin
from
low
base,
has
slightly
slackened
its
pace.
Dynamics
of
the
largest
players
within
the
year,
billion
roubles
-­‐
20
40
60
80
100
120
140
160
180
Sberbank
Russian
Standard
Bank
TCS
Bank
VTB
24
Orient
Express
Bank

6. Credit
card
market
in
Russia,
I
quarter
2013
April
29,
2013
6
On
the
whole,
the
beginning
of
the
year
has
highlighted
the
tendency
towards
parWal
change
of
the
growth
leaders
in
the
market.
The
levelling
of
the
low
base
effect,
to
which
we
referred
in
the
review
subject
to
the
results
2012
года,
is
a
common
factor
for
the
market
as
a
whole,
but
it
may
play
a
more
significant
role
for
specific
players.
DifficulWes
with
business
management
and
markeWng,
exhausWon
of
specific
resources
of
the
client
base
increase,
such
as
payroll
card
program,
or
the
potenWal
of
the
partner
retail
chain
result
in
slowdown
or
standsWll
in
the
growth
of
some
players.
Change
of
posiEons
among
the
top
10
1
2
3
4
5
6
7
8
9
10
Sberbank
Russian
Standard
Bank
TCS
Bank
VTB
24
Orient
Express
Bank
Alfa-­‐Bank
Svyaznoy
Bank
OTP
Bank
HCF
Bank
Rosbank

7. Credit
card
market
in
Russia,
I
quarter
2013
April
29,
2013
7
This,
on
the
other
hand,
opens
new
opportuniWes
for
the
players
who
enjoy
stable
growth
for
conquering
the
credit
card
market.
Forther
developments
depend
on
the
macroeconomic
situaWon
in
the
country
in
general
and
the
acWons
of
the
bank
managers
aimed
at
the
development
of
the
promising
card
crediWng
segment.
Note
(*):
The
management
of
the
bank
Russian
Standard
believes
that
the
volume
of
the
bank’s
por?olio
is
larger,
since
some
“card
credits”
are
recognized
by
the
bank
in
accounts
45505
(Loans
and
other
money
provided
to
individuals
for
a
period
from
181
days
to
1
year),
45506
(Loans
and
other
money
provided
to
individuals
for
a
period
from
1
year
to
3
years),
45507
(Loans
and
other
money
provided
to
individuals
for
a
period
over
3
years).
Our
experts’
opinion
is
that
a
classical
credit
card
means
a
demand
loan.
For
the
purposes
of
the
raRng
we
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
(“overdraU”)).
Por?olio
growth
leaders
Top$20$in$terms$of$absolute$
growth,$April$2013
Gain,$billion$
roubles
Top$20$in$terms$of$absolute$
growth$for$the$year,$from$April$
2012
Gain,$billion$
roubles
Top$20$in$terms$of$absolute$
growth,$from$the$beginning$of$
2013
Gain,$billion$
roubles
Sberbank 7,87 Sberbank 92,62 Sberbank 19,97
Russian3Standard3Bank 5,24 Russian3Standard3Bank 51,98 Russian3Standard3Bank 15,84
TCS3Bank 2,06 TCS3Bank 29,79 TCS3Bank 7,31
VTB324 1,96 AlfaABank 21,90 AlfaABank 5,95
AlfaABank 1,31 VTB324 14,81 VTB324 4,08
HCF3Bank 1,26 Svyaznoy3Bank 14,50 HCF3Bank 3,75
Trust 1,20 Orient3Express3Bank 10,40 Trust 3,17
Leto3Bank 1,04 OTP3Bank 10,06 Leto3Bank 2,29
Privatbank 0,74 HCF3Bank 9,04 Privatbank 1,60
Rosbank 0,40 Trust 8,78 OTP3Bank 1,51
MTS3Bank 0,37 SKBABank 5,64 Rosbank 1,39
OTP3Bank 0,36 MTS3Bank 4,57 Raiffaisenbank 1,22
Uralsib 0,31 Privatbank 4,18 MTS3Bank 1,05
MDM3Bank 0,29 Renaissance3Capital 4,00 Renaissance3Capital 0,83
UniCredit3Bank 0,28 Rosbank 3,85 Citibank 0,82
Raiffaisenbank 0,24 Raiffaisenbank 3,73 SKBABank 0,76
Gazprombank 0,22 Uralsib 3,05 Uralsib 0,74
Renaissance3Capital 0,21 Leto3Bank 2,95 UniCredit3Bank 0,67
Rosgosstrakh3bank 0,19 Gazprombank 2,66 Avangard 0,65
Avangard 0,18 Avangard 2,13 Otkritie3Bank 0,46
Total 26,15 Total 324,59 Total 76,28

8. Credit
card
market
in
Russia,
I
quarter
2013
April
29,
2013
8
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
informaWon
of
the
RF
Central
Bank.
On
cooperaWon
maoers
please
contact
Oleg
Anisimov
o.anisimov@tcsbank.ru
TCS
credit
cards:
hop://www.tcsbank.ru/credit.
TCS
deposits:
hop://www.tcsbank.ru/deposit.
TCS
debit
cards:
hop://www.tcsbank.ru/debit/
©
Tinkoff
Credit
Systems,
2013.
All
rights
reserved.
For
quotes
please
refer
to
the
bank
Tinkoff
Credit
Systems.