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IDBI Capital Report
Card spends stood at an all-time high for August 2023. Credit card spends grew by ~2.7% month-on-month (versus 5.5% in July 2023), and was up by ~32% YoY (versus 25% in July 2023) in line with new card additions growth.
Net new cards addition improved during Aug-23 and stood at ~14.05 lakhs (versus ~11.91 lakh in July-23). New card addition was supported by strong growth across all major players, led by ICICI Bank Ltd. (~3.09 lakhs), State Bank of India (~2.28 lakhs), Axis Bank Ltd. (~2.19 lakhs), IndusInd Bank Ltd. (~0.53 lakhs).
Total number of cards in force stood at ~91.3 million in Aug-23 (up by 17% YoY and 1.6% month-on-month).
Volume of transaction growth witnessed an uptick (in line with card spends) and was up by ~4.9% month-on-month (versus 5.4% in July-23).
Going forward we expect card spends growth to remain strong for remaining part of FY24 and would be supported by strong festival spends.
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