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Johannesburg - The total value of new credit granted increased from R61.55bn for the quarter ended March 2010 to R67.55bn for the quarter ended June 2010, the National Credit Regulator (NCR) said on Wednesday.
"This is an increase of 9.75% when compared to the previous quarter, but 33.32% higher than a year ago," the NCR said as it released its latest Consumer Credit Market Report.
As at June 2010, the total outstanding consumer credit balance was R1.15 trillion representing a quarter-on-quarter growth of 0.9%.
Mortgages accounted for R749.03bn (64.85%) while secured credit agreements accounted for R215.02bn (18.62%); credit facilities were R129.11bn (11.18%), while unsecured credit was R61.14bn (5.29%); and short-term credit was R682.10m (0.06%).
The number of applications received for credit increased by 503 500 from 6.04m in March 2010 to 6.54% in June 2010 representing an increase of 8.34%.
When compared to the same period last year, this was an increase of 17.13%.
The number of applications for credit that were rejected amounted to 40.26%.
The NCR said significant trends observed for the quarter ended June 2010 included the value of new mortgages granted which had increased by 13.48% quarter-on-quarter from R20.81bn to R23.61bn.
Secured credit - dominated by vehicle finance - showed an increase from R22.34bn for March 2010 to R23.02bn for June 2010 - (a quarter-on-quarter increase of 3.06%).
The NCR said unsecured credit had increased from R10.00bn for March 2010 to R11.75bn for June 2010 (a quarter-on-quarter increase of 17.49%).
Short term credit showed a quarter-on-quarter increase of 6.45% from R1.27bn to R1.35bn.
Individuals who earned gross monthly incomes of more than R15 000 per month received on average 80% of the number of mortgages granted over the period June 2009 to June 2010.
According to the NCR, the banks' share of the total outstanding consumer credit as at June 2010 was R1.03 trillion (89.45%) with the retailers at R38.47bn (3.33%), non-bank vehicle financiers at R37.71bn (3.27%) and other credit providers at R45.71bn (3.96%).
Other credit providers consist primarily of pension-backed lenders, insurers, non-bank mortgage lenders and securitised debt.
"This is an increase of 9.75% when compared to the previous quarter, but 33.32% higher than a year ago," the NCR said as it released its latest Consumer Credit Market Report.
As at June 2010, the total outstanding consumer credit balance was R1.15 trillion representing a quarter-on-quarter growth of 0.9%.
Mortgages accounted for R749.03bn (64.85%) while secured credit agreements accounted for R215.02bn (18.62%); credit facilities were R129.11bn (11.18%), while unsecured credit was R61.14bn (5.29%); and short-term credit was R682.10m (0.06%).
The number of applications received for credit increased by 503 500 from 6.04m in March 2010 to 6.54% in June 2010 representing an increase of 8.34%.
When compared to the same period last year, this was an increase of 17.13%.
The number of applications for credit that were rejected amounted to 40.26%.
The NCR said significant trends observed for the quarter ended June 2010 included the value of new mortgages granted which had increased by 13.48% quarter-on-quarter from R20.81bn to R23.61bn.
Secured credit - dominated by vehicle finance - showed an increase from R22.34bn for March 2010 to R23.02bn for June 2010 - (a quarter-on-quarter increase of 3.06%).
The NCR said unsecured credit had increased from R10.00bn for March 2010 to R11.75bn for June 2010 (a quarter-on-quarter increase of 17.49%).
Short term credit showed a quarter-on-quarter increase of 6.45% from R1.27bn to R1.35bn.
Individuals who earned gross monthly incomes of more than R15 000 per month received on average 80% of the number of mortgages granted over the period June 2009 to June 2010.
According to the NCR, the banks' share of the total outstanding consumer credit as at June 2010 was R1.03 trillion (89.45%) with the retailers at R38.47bn (3.33%), non-bank vehicle financiers at R37.71bn (3.27%) and other credit providers at R45.71bn (3.96%).
Other credit providers consist primarily of pension-backed lenders, insurers, non-bank mortgage lenders and securitised debt.
