Credit Card Spends Growth Slows Down In August: IDBI Capital

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..IDBI Capital Report.Total card spends declined during August 2024 (stood at Rs 1.69 lakh crore versus Rs 1.73 lakh crore during July 2024). Credit Card spends declined by 2.6% month-on-month (versus +8.7% in July 24) and the growth slowed down to ~13.2% YoY (versus 19.3% in July-24). Total number of cards in force stood at ~105.5 million as of Aug-24 (up by ~15.6% YoY and ~0.9% month-on-month). Volume of transaction grew by ~1.6% month-on-month (versus ~7.2% in July-24), whereas it grew by ~34.2% YoY (versus ~38.4% in July-24). Further, Net New Cards additions increased during Aug-24 and stood at ~9.2 lakhs (versus ~7.6 lakh during July-24). New cards issuance was led by HDFC Bank Ltd. (~2.42 lakhs), ICICI Bank Ltd. (~1.45 lakhs), Axis Bank Ltd. (~1.27 lakhs) and SBI (~1.10 lakhs). Going forward, we expect card spends to improve in the coming months led by the festive season. However, delinquencies in the credit card receivables need to be closely watched..Click on the attachment to read the full report:.Cummins, Kirloskar Oil, Voltamp Transformers, Ador Welding Gets A 'Buy' As IDBI Capital Initiates Coverage.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.

Credit Card Spends Growth Slows Down In August: IDBI Capital

Going forward, the brokerage expects card spends to improve in the coming months led by the festive season.

NDTV Profit

NDTV Profit

Follow Us

DOWNLOAD THE APP

Credit Card Spends Growth Slows Down In August: IDBI Capital

Going forward, the brokerage expects card spends to improve in the coming months led by the festive season.

Choose a plan

Follow Us

DOWNLOAD THE APP