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CARDS & PAYMENTS | Cesar Tordesillas, China
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ABC's credit card intermediary services income up 128%

ABC realized a credit card income of RMB6.55 billion in the first three quarters this year.

 

This represents a 120% increase over the same period last year.

 

In the amount, intermediary services income reached RMB5.15 billion, up RMB2.89 billion or 128% year on year, making Agricultural Bank of China ranking top among the four largest domestic banks in terms of growth rate.

The rapidly increasing credit card customers drove the rising of number of credit card issued and consumption market share. By the end of September, 30 million credit cards were issued accumulatively. In the first three quarters, 4.67 million credit card customers were newly added, with a total amount of consumption reaching RMB327.8 billion, up 20.2% and 105.5% respectively year on year.

The intermediary services income mainly includes consumption commission, installment fee, annual fee and withdrawal fee.

In the first three quarters, the total credit card installment fees reached RMB1.62 billion, 15 times of the amount last year or RMB110 million, and accounted for 31% of the total income of credit card-related fee-based businesses, representing a sharp rise from 2% a year ago.

The installment fees of branches of Zhejiang, Guangdong, Jiangsu and Sichuan exceeded RMB100 million. Besides, the number of merchants of creidit card installments climbed rapidly and increased by 14,000 this year to 18,000 accumulatively. The cooperation between the Head Office and headquarters of merchants for installments has achieved breakthroughs, and such large enterprises as Suning Appliance and Zhengzhou NISSAN has been attracted, making the total national projects reaching twelve.

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