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ICICI Securities Report
Industry-wide October 2022 credit card spend was up 6% month-on-month to Rs 1.3 trillion and, as per trends, November 2022 spends are expected to be Rs 1.2 trillion.
Expectations will remain that continued increase in spends will ultimately lift the revolver mix. Ratio of ‘credit to debit card' spend was two times as of Oct-22 (highest since April 2019 when it was 1.0 times).
Market share in terms of spend was 18% for SBI Cards and Payment Services Ltd. in Oct-22 versus 19% In Sep-22 and 19.2% in FY22. The same for HDFC Bank Ltd. increased sharply by 250 basis points month-on-month to 29% as of Oct-22 versus 26% in FY22.
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