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Motilal Oswal Report
The banking system reported net additions of ~1.9 million credit cards in March 2022 (up 378% YoY) led by healthy traction in Axis Bank Ltd., HDFC Bank Ltd. and SBI Cards and Payment Services Ltd.
This has increased the total credit card base to 73.6 million (up 18.7% YoY – the highest in the past 23 months).
Among major players, Kotak Mahindra Bank Ltd. reported a strong YoY growth (up 32.6%) followed by Axis Bank (up 26.4%), RBL Bank Ltd. (up 24.3%) and IndusInd Bank Ltd. (up 23.1%).
Credit card spends grew 24% month-on-month to Rs 1.1 trillion in March 2022. The same rose strongly at 48% on a YoY basis (up 54% YoY in FY22).
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