Digital Payment Tracker - Credit Card Industry Adds ~0.76 Million Cards In May 2024: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.The credit card industry added ~0.76 million cards in May 2024 (~0.74 million in April 2024 and ~1.2 million in March 2024). Among large players, HDFC Bank Ltd. witnessed highest growth, followed by Axiz Bank Ltd., SBI Cards and Payment System Ltd., IDFC Bank Ltd. and ICICI Bank Ltd. The outstanding credit card base has thus increased to 103 million, up 18% YoY. During May-24, HDFC Bank added the highest number of new cards at ~289,000, followed by Axis Bank at ~117,000, SBI Cards at ~114,000 and ICICI Bank at ~77,000. Kotak Mahindra Bank Ltd. saw a sharp decline amid RBI restrictions. Among emerging players, IDFC Bank reported strong growth at ~89,000 cards during the month, taking its total card base to 2.7 million. Card spending grew 17% YoY to Rs 1.65 trillion. Among key players, Kotak Mahindra Bank, ICICI Bank, SBI Card and HDFC Bank witnessed 43%, 31%, 11%, and 3% YoY growth, respectively. IDFC Bank and Federal Bank reported faster growth of 52% and 43% YoY, respectively.Among key players, the share in card spending stood at 25.1% for HDFC Bank (-103 bp month-on-month), 19.4% for ICICI Bank (+60 bp month-on-month), and 16% for SBI Card (+27bp MoM). Axis Bank’s share in card spending stood at 11.6% (-16bp month-on-month). In terms of CIF market share, small and emerging players (IDFC Babk, Bank of Baroda, IndusInd Bank, Federal Bank) have gained market share, while large players have been cautious with unsecured loans, resulting in a slight decline in market share. HDFC Bank remains the largest player with an outstanding card market share of 20.4%..Click on the attachment to read the full report:.LIC Housing Finance - Turning The Corner With Better Predictability Of Earnings: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Digital Payment Tracker - Credit Card Industry Adds ~0.76 Million Cards In May 2024: Motilal Oswal

Outstanding card base grew ~18% YoY; spending rose 17% YoY

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