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Axis Securities Report
The credit card industry registered robust growth of 27/2% YoY/month-on-month (in terms of CIF), its highest since June-19, while new customer additions faltered on an month-on-month basis.
The industry added 1.5 million customers as against 0.6/1.8 million YoY/month-on-month.
Spends growth continued to remain healthy YoY (up 55% YoY/up 6.5% QoQ), supported by improving discretionary spends (high-value spends) as is reflected in the improving ticket size (~Rs 4,950/transaction versus ~Rs 4,100/transaction in July 2022).
Online spends continued to dominate the total spends and formed ~64% (versus 63% month-on-month) of overall spends.
The forthcoming festive season is likely to help credit card issuers sustain their spends growth momentum. Moreover, focus on the credit card segment in a bid to grow the unsecured lending portfolios, especially by private banks is likely to keep the new customer addition and hence CIF growth buoyant.
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