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SBI cards tops HDFC Bank in incremental card issuances

December 01, 2022

SBI cards tops HDFC Bank in incremental card issuances
SBI Cards has trumped HDFC Bank in incremental card issuances in the competition month of October. HDFC Bank, nonetheless the phase chief in the nation, retreated to the fourth place in new credit score card additions at lower than 220,000 in October. SBI Cards added 340,000 prospects.

Axis Bank, at 260,000 and ICICI Bank, at slightly greater than 220,000, beat HDFC Bank, India’s most valued lender, in incremental additions.

In phrases of complete credit score cards, HDFC Bank continued to stay the market chief with 16.5 million credit score cards, adopted by SBI Cards at 15.1 million. ICICI Bank, at 13.5 million, and Axis Bank, at greater than 9 million, are different main gamers in this phase.

According to an evaluation by IDBI Capital, HDFC Bank recorded a market share decline of 216 foundation factors in the final 12 months, whereas Kotak Mahindra Bank elevated its market share by round 180 foundation factors throughout the identical interval. Kotak is now the fifth largest credit score card participant, with a market share of 5.7%.

“Despite the strong uptick, we expect the numbers to remain volatile for the next couple of months, as companies report data in line with the amended central bank guidelines,” stated Bunty Chawla, analyst, IDBI Capital. “Going forward, we expect card spend to slow moderately due to the end of the festive season.”

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