Digital Payments Tracker - Outstanding Credit Cards Grew 10% YoY In July; Spends Increase: Motilal Oswal
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.