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Motilal Oswal Report
The banking system reported net additions of ~599,000 new credit cards in July 2021 (up 42% month-on-month).
This has taken the total credit card base to ~63.4 million (10% YoY growth – highest in past eight months) versus a 9.6% YoY growth in June 2021.
ICICI Bank Ltd. and SBI Cards and Payment Services Ltd. were the largest credit card acquirers, adding nearly ~404,000 new cards.
Amongst major players, ICICI Bank/ SBI Cards /Axis Bank Ltd./Kotak Mahindra Bank Ltd. added ~205,000/~198,000/~93,000/~33,000 cards.
On the other hand, HDFC Bank Ltd./Standard Chartered Bank/American Express saw a decline of ~65,000/~17,000/~13,000 to their card base.
Credit card spends grew 19% month-on-month to Rs 751 billion in July 2021.
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