Digital Payments Tracker - Outstanding Credit Cards Grew By 11% In August, Spends Up 4%: 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 ~520,000 new credit cards in August 2021 (13% month-on-month decline).
This has taken the total credit card base to ~64 million (10.6% YoY growth – highest in the past 10 months) versus a 10% YoY growth in July 2021.
Among major players, ICICI Bank Ltd. reported a strong (~25%) YoY growth, followed by IndusInd Bank Ltd. (15.3%), SBI Cards and Payment Services Ltd.(14.6%), and RBL Bank Ltd. (13.3%) in August.
ICICI Bank and SBI Cards were the largest acquirers, adding ~382,000 new cards.
Growth in credit card spends moderates to 4% month-on-month to Rs 780 billion in August.
However, the same grew strongly at 54% YoY (up 14% on a two-year compound annual growth rate).
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.