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ICICI Securities Report
Credit card spends have continued to improve gradually over the months of June-July-August 2021.
Based on the trend witnessed in August 2021-to-date and factoring-in a 2% month-on-month growth for September 2021E (similar to Sep-2020 over August-20), Q2 FY22E credit card spends could be 35% higher than in Q1 FY22 and 59% higher than Q2 FY21.
Assuming market share of 19%, SBI Cards and Payment Services Ltd. spends in Q2 FY22 could be 53% / 36% higher on YoY / QoQ basis.
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