Stable household credit and mortgage balances growth up to May

Finance generic
  • Growth in the value of outstanding credit balances in the South African household sector (R1 574,0 billion) was relatively stable at 4,2% year-on-year up to the end of May 2018.
  • Household secured credit balances growth was only marginally higher at 3,9% year-on-year in the first five months of the year from growth of 3,8% year-on-year up to end-April.
  • Household unsecured credit balances growth increased to 5,3% year-on-year at the end of May from 5,1% year-on-year up to end-April.
  • Growth in household mortgage balances (R935,5 billion) remained unchanged at 3,3% year-on-year up to end-May.
  • Growth in both household credit and mortgage balances is forecast at around 4% for the full year of 2018, driven by trends in and prospects for the economy, household sector finances and consumer confidence.

Read more here: Absa Credit and Mortgage Advances May 2018