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Motilal Oswal Report
The banking system reported net additions of ~13,36,000 new credit cards in October 2021 (up 22% month-on-month), led by healthy traction by ICICI Bank Ltd. and HDFC Bank Ltd.
This has taken the total credit card base to 66.4 million (11.7% YoY growth – highest in the past 14 months).
Among major players, ICICI Bank reported a strong (~26%) YoY growth, followed by RBL Bank Ltd. (16.7%), IndusInd Bank Ltd. (15.5%), and SBI Cards and Payment Services Ltd. (14.5%) in Oct-21.
ICICI Bank was the largest acquirer, adding ~278,000 new cards, while HDFC Bank/Axis Bank Ltd./SBI Cards/RBL Bank added ~258,000/~220,000/~184,000 /~151,000 cards.
Growth in credit card spends picked up a sharp 26% month-on-month to Rs 1,012 billion in Oct-21 aided by the festive season. The same grew a strong 56% YoY.
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