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Motilal Oswal Report
The banking system reported net additions of ~520,000 new credit cards in August 2021 (13% month-on-month decline).
This has taken the total credit card base to ~64 million (10.6% YoY growth – highest in the past 10 months) versus a 10% YoY growth in July 2021.
Among major players, ICICI Bank Ltd. reported a strong (~25%) YoY growth, followed by IndusInd Bank Ltd. (15.3%), SBI Cards and Payment Services Ltd.(14.6%), and RBL Bank Ltd. (13.3%) in August.
ICICI Bank and SBI Cards were the largest acquirers, adding ~382,000 new cards.
Growth in credit card spends moderates to 4% month-on-month to Rs 780 billion in August.
However, the same grew strongly at 54% YoY (up 14% on a two-year compound annual growth rate).
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