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Motilal Oswal Report
The banking system reported net additions of 1.37 million new credit cards in December 2021, led by healthy traction by HDFC Bank Ltd., ICICI Bank Ltd., and Axis Bank Ltd.
This has taken the total credit card base to 68.9 million (14.2% YoY growth – the highest in the past 17 months).
Among major players, ICICI Bank reported a strong (24.6%) YoY growth, followed by RBL Bank Ltd., Axis Bank Ltd., and Kotak Mahindra Bank Ltd. in Dec-21.
HDFC Bank was the largest acquirer, acquiring ~288,000 new cards.
Credit card spends grew 5% month-on-month and 48% YoY to Rs 942 billion in Dec-21.
ICICI Bank saw a growth of 11% month-on-month in Dec-21, followed by RBL Bank, SBI Cards and Payment Services Ltd., and Axis Bank, while others were in down 1 to up 3% range.
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