Banks and credit unions awarded 4.8% more y/y credit cards (53,500) in the figures in February 2024, the Credit Information Bureau (BIK) reported. In terms of value, there was an increase in the limits by 17% y/y to PLN 0.49 billion.
In February 2024, saw a moderate increase in the popularity of credit cards. Compared to February of the previous year, the number of cards issued increased by 4.8% and their value by 17%. The two-month analysis indicates a doubling of the increase in value to 10.1%, which may indicate an increase in interest in credit cards with higher credit limits.
BIK Quality Index of Credit Cards amounted to 3.74% and decreased by 0.42 percentage points m/m, also given.
The value of installment loans granted in February increased by 27.9% y/y
Banks and credit unions granted 86.4% more yarms of installment loans (1 061.9 thousand) in figures in February 2024, the Credit Information Bureau (BIK) reported. The value of installment loans granted increased by 27.9% y/y to PLN 1.98 billion.
The average value of the installment loan granted in February 2024 is PLN 1,864 and is lower than in February year ago by 29.5%.
“The still high dynamics of sales value are presented by installment loans, especially up to PLN 1,000 (+118%). In numerical terms, the increase was even more spectacular, evaluating (+180.9%). This high increase in low-value installment loans is mainly due to the conversion of unpaid liabilities from the interest-free period as part of deferred payment purchases (so-called. BNPL) in installment loans by purchasing these receivables by banks” – we read in the release.
BIK Quality Index of the Rational Credit Portfolio amounted to 1.71%, also indicated.
Source: BIK and ISBnews
