The total value of new credit granted increased from R80.75 billion for the quarter ended March 2011 to R85.08 billion for the quarter ended June 2011, an increase of 5.36% when compared to the previous quarter, but 25.95% higher than a year ago.
The number of applications received for credit increased by 834,700 from 5.80 million in March 2011 to 6.63 million in June 2011 - an increase of 14.39% (also an increase of 1.43% when compared to the same period last year). The value of new mortgages granted increased by 2.78% quarter-on-quarter from R24.76 billion to R25.45 billion, while secured credit, which is dominated by vehicle finance, showed a decrease from R27.45 billion for March 2011 to R26.96 billion for June 2011 (a quarter-on-quarter decrease of 1.77%).
Unsecured credit increased from R16.69 billion for March 2011 to R18.95 billion for June 2011 (a quarter-on-quarter increase of 13.54%) and credit facilities - which mainly consists of credit cards, store cards and bank overdrafts - increased by 15.65% quarter-on-quarter from R10.43 billion to R12.06 billion. Short term credit showed a quarter-on-quarter increase of 16.21% from R1.42 billion to R1.65 billion. As at June 2011, the total outstanding consumer credit balances (or gross debtors' book) was R1.23 trillion representing a quarter on quarter growth of 1.32%.
