Credit Card Spends All Time High During August: IDBI Capital

IDBI Capital Report

Card spends stood at an all-time high for August 2023. Credit card spends grew by ~2.7% month-on-month (versus 5.5% in July 2023), and was up by ~32% YoY (versus 25% in July 2023) in line with new card additions growth.

Net new cards addition improved during Aug-23 and stood at ~14.05 lakhs (versus ~11.91 lakh in July-23). New card addition was supported by strong growth across all major players, led by ICICI Bank Ltd. (~3.09 lakhs), State Bank of India (~2.28 lakhs), Axis Bank Ltd. (~2.19 lakhs), IndusInd Bank Ltd. (~0.53 lakhs).

Total number of cards in force stood at ~91.3 million in Aug-23 (up by 17% YoY and 1.6% month-on-month).

Volume of transaction growth witnessed an uptick (in line with card spends) and was up by ~4.9% month-on-month (versus 5.4% in July-23).

Going forward we expect card spends growth to remain strong for remaining part of FY24 and would be supported by strong festival spends.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. BQ Prime 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 BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.