Total amount borrowed as measured by outstanding balances has continued to increase for all major loan products
In recent quarters, a general rise in delinquencies across most major consumer lending categories had also contributed to growth in outstanding balances, as missed payments accrued and principal amounts remained outstanding. However, in the latest quarter, with the exception of personal loans, delinquencies had stabilised and decreased. Credit card balance-level delinquencies were down 50 basis points from their peak in the same period last year and in the second quarter this year stood at 12.
“Any potential impact from the recent civil unrest and spike in Covid-19 cases won’t be seen until Q3 data are published, but in Q2 there were some noticeable improvements – especially in delinquencies. Whether this improvement can be sustained is yet to be seen and warrants close monitoring in the coming months,” said Williams.
The report found that although there were improvements in most of the major consumer credit categories, unsecured personal loans recorded a significant increase in balance-level delinquencies as bank personal loans were up 260 bps YoY and non-bank personal loans 700 bps.
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