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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.
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Cummins, Kirloskar Oil, Voltamp Transformers, Ador Welding Gets A ‘Buy’ As IDBI Capital Initiates Coverage
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