ECONOMY

Credit Cards Data Update – Outstanding Increased By 20.73% For April: IDBI Capital

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Credit card outstanding continued to report improvement in the April 2022 month; it grew by 20.73% YoY as compared to 18.66% YoY in March 2022 and stood at 75.2 million.

Improvement in the April-22 was led by growth in number of outstanding credit cards by small finance banks (1404%) while private banks reported 23.5% YoY and public banks reported 20% YoY.

Major players such as Kotak Mahindra Bank Ltd. (48.5%), ICICI Bank Ltd. (22.4%), State Bank of India (17%), HDFC Bank Ltd. (13%) reported strong YoY growth in the month of April’22.

Volume of transaction improved by 41.45% YoY in the month of April-22 versus 18.5% YoY growth in March-22.

Credit card spend increased by 78.3% YoY in the month of April-22 versus 47.9% YoY in March-22 and stood at 1,057.62 billion. The average spend per card in online e-com stood at 8,734 while at point of sale stood at 1,432.

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