Among the three banks, UOB’s credit card contribution could see the biggest y-o-y growth in FY2023. The growth may also help the lender achieve its double-digit target for fee-income growth after the consolidation of Citigroup’s retail portfolio.
Credit cards look set to become a “bright spot” for Singapore banks’ fee-income expansion in FY2023, says Bloomberg Intelligence analyst Rena Kwok.
The analyst sees contributions from credit cards to the banks’ total fee income driven by a delayed recovery in tourism and business travel across the region, as well as consumption spending. To be sure, the recovery could even see growth momentum from credit cards sustaining till the end of the FY2023.
