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Motilal Oswal Report
The Banking system reported net additions of ~1.7 million credit cards in May 2022, led by healthy traction in HDFC Bank Ltd., Axis Bank Ltd., and ICICI Bank Ltd. This has taken the total credit card base to 76.9 million (up 23.2% YoY – the highest in the past 27 months).
Among major players, Kotak Mahindra Bank Ltd. reported a strong YoY growth (up 55.8%), followed by Axis Bank (up 32.9%), IndusInd Bank Ltd. (up 26.3%), and RBL Bank Ltd. (up 26.2%).
HDFC Bank was the largest acquirer, acquiring ~385,000 new cards, while Axis Bank/ICICI Bank/SBI Cards and Payment Services Ltd./Kotak Mahindra Bank added ~215,000/~212,000/~202,000/ ~181,000 cards.
Credit card spends grew 8% month-on-month to Rs 1.14 trillion in May-22.
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