brokerage fees representing 12.0% compared to 4.9% in 2Q22, asset management fees representing 8.3% compared to 7.6% in 1Q22, and non-financial services reaching 4.8% compared to 5.0% in 2Q22.
Credit & Debit Cards
During 2Q23, total credit card transactions at the Bank decreased 6.5% QoQ and 11.7% YoY, while the average ticket (in nominal terms) increased 23.7% QoQ (a 0.1% decrease in real terms) and 114.0% YoY (a 0.8% decrease in real terms). Volumes increased by 15.7% QoQ in nominal terms (decreased 6.6% in real terms) and 88.9% YoY in nominal terms (decreased 12.4% in real terms).
Credit Card commissions amounted to AR$2.5 billion in 2Q23 decreasing 6.6%, or AR$177.1 million, QoQ, and 30.6%, or AR$1.1 billion, YoY.
The QoQ performance reflects a decrease in real terms in credit card usage, and the Company’s decision to reduce exposure to this product in 2023.
Deposits Accounts and Packages of Banking Services
In 2Q23, Deposit Account fees decreased 2.5% YoY and 2.5% QoQ. In May, fees on certain bundled products were repriced but it did not anticipate the 23.8% inflation in the quarter.
Loan Operations (Commercial loans)
In 2Q23, Loan related fees amounted to AR$58.1 million and continued to reflect weak credit demand decreasing 0.7%, or AR$0.4 million, QoQ and 63.3%, or AR$ 100.4 million, YoY. Leasing commissions amounted to AR$ 60.9 million, decreasing 13.4% QoQ but increasing 15.8% YoY.
Asset Management
As of June 30, 2023, the Asset Management business carried out through the Company’s subsidiary, SAM, recorded AR$202.5 billion in Assets Under Management (AuM) measured in currency as of June 30, 2023, compared to AR$198.5 billion as of March 31, 2023, and AR$181.3 billion as of June 30, 2022. Fees from the Asset Management business represent 8.3% of the total Fee Income and amounted to AR$916.1 million in 2Q23, increasing AR$25.7 million from 1Q23, and AR$ 27.2 million from 2Q22. The QoQ fee performance reflects an increase in volumes in real terms.
As a result of new investment product features offered to our customers through online and mobile banking, retail customer investments increased 55% QoQ and 287% YoY. Active retail customers increased 222% QoQ and 548% YoY.
Online Brokerage
As of June 30, 2023, the online brokerage business developed through IOL invertironline, continued to expand its customer base, and opened 87,633 new accounts from 27,499 and 27,772 new accounts in 4Q22 and 1Q22 respectively. In turn, active customers increased to 223,841 from 136,890 as of March 31, 2023, and 102,511 as of June 30, 2022. Moreover, Assets Under Custody (AuC) increased 64.0% QoQ in nominal terms and 32.5% in real terms, and 275.6% YoY in nominal terms and 74.2% in real terms.
Fees increased to AR$1.3 billion from AR$1.1 billion in 1Q23, and AR$ 570.7 million in 2Q22. QoQ reflects 45.6% increase in the daily average revenue trade in the quarter. Fee income from the online brokerage business represents 12.0% of total fee income, while in 2Q22 it represented 4.9%. YoY, the daily average revenue trade increased 243%.
Service fee expenses decreased 13.5% QoQ, and 29.9% YoY, to AR$2.9 billion. The QoQ performance primarily reflects lower costs paid to the credit and debit cards processors due to the lower credit card usage.