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Motilal Oswal Report
The banking system reported net additions of ~1.8 million credit cards in June 2022, led by healthy traction in HDFC Bank Ltd., Kotak Mahindra Bank Ltd., and Axis Bank Ltd. Thus, taking its total credit card base to 78.7 million (up 25.3% YoY – the highest in the past 30 months).
Among major players, Kotak Mahindra Bank reported strong growth (up 64.3% YoY), followed by Axis Bank (up 36%), IndusInd Bank Ltd. (up 29.3%), and RBL Bank Ltd. (up 27.3%).
HDFC Bank was the largest acquirer, with new card additions of ~386,000.
Credit card spends fell 4% month-on-month, but remained robust at Rs 1.1 trillion in June 2022. The same grew a strong 73% YoY (up 24% on a three-year compound annual growth rate basis).
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