In November 2023, compared to November 2022, banks and credit unions granted more of all types of credit products: housing loans (+255.7%), installment loans (+91.9%), credit cards (+10.6%), and cash loans (+8.9%). In terms of monetary value, banks and credit unions granted higher values in all credit products: housing loans (+339.4%), installment loans (+41.3%), cash loans (+18.8%), and credit card limits (+15.2%).
Housing Loans
In November 2023, banks granted 23.7 thousand housing loans totaling 9.592 billion PLN. This is the second-highest result in the history of the housing loan market. Such large sales are the result of increased demand for housing loans following an increase in credit capacity, which was contributed to by a decrease in the WIBOR level, real wage growth, and extending the average credit term. The increase in credit capacity translated into an increase in the value of the loan granted and currently, the average amount is 404.3 thousand PLN, which is 23.5% higher than a year ago. At the same time, it is at a historically record level. The effects of the government’s “2% Loan” Program can be seen in the November loan campaign. According to our statistics, in November, banks granted 13 912 loans (59% of all loans granted) totaling 5.702 billion PLN (60% of the total amount of granted loans) within this Program.
Installment Loans
In November 2023, banks granted 262.4 thousand installment loans totaling 6.67 billion PLN. This is an increase of 91.9% and 41.3% respectively compared to November 2022. The sales dynamic of installment loans is high both in terms of quantity and value. This increase is primarily driven by loans for the purchase of more expensive durable goods, such as cars, RTV equipment, household appliances, and electronics.
Cash Loans
In November 2023, banks granted 172.7 thousand cash loans totaling 4.67 billion PLN. This is an increase of 8.9% and 18.8% respectively compared to November 2022. The sales dynamics of cash loans is high in terms of value, but weaker in terms of quantity. This is due to the fact that cash loans are being granted for increasingly higher amounts.
Credit Cards
In November 2023, banks issued 1.72 million credit cards totaling 3.8 billion PLN. This is an increase of 10.6% and 15.2% respectively compared to November 2022. The sales dynamics of credit cards is high both in terms of quantity and value. This is due to the growing popularity of credit cards as a tool for cashless payment.
Summary
The lending operation in November 2023 was at the highest level in history. Banks and credit unions granted more of all types of credit products, both in terms of number and value. The increase in loan sales was primarily driven by housing loans, which were supported by the government’s “2% Loan” Program.
