Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<keyword id="20599258" type="General" weightage="20" keywordseo="Indian-consumers" source="keywords">Indian consumers</keyword> demonstrated a significant increase in their <keyword id="21084888" type="General" weightage="100" keywordseo="credit-card-spending" source="keywords">credit card spending</keyword> in July this year, marking a 19% increase compared to the same month last year. According to a report released by <keyword id="19945737" type="General" weightage="20" keywordseo="SBI-Securities" source="keywords" meta.keywordsubtype="org" meta.entityname="SBI Securities" meta.hostid="261" meta.entityid="SBI Securities">SBI Securities</keyword>, the total expenditure by credit card users across the country reached an impressive Rs 1.7 trillion. This substantial uptick highlights the growing reliance on credit cards for transactions, reflecting broader economic trends and <keyword id="20740758" type="General" weightage="20" keywordseo="consumer-confidence" source="keywords">consumer confidence</keyword>. The report also highlighted a considerable increase in <keyword id="21118324" type="General" weightage="20" keywordseo="transaction-volumes" source="keywords">transaction volumes</keyword>, which surged by 39% year-on-year, reaching a total of 38.4 crore transactions in July 2024. This increase in the number of transactions underscores the widespread adoption and usage of credit cards as a preferred <keyword id="20632158" type="General" weightage="20" keywordseo="payment-method" source="keywords">payment method</keyword> among Indian consumers. "Credit card spending in India increased 19% YoY to Rs 1.7 trillion in Jul'24. The transaction volume during the month was 38.4 crore, up 39% YoY" said the report. The report also noted that among the banks, <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> emerged as the leader in terms of transaction volumes, with its credit cards facilitating 9.9 crore transactions during the month. <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> followed closely with 7.1 crore transactions, while SBI secured the third position with 6.3 crore transactions. In terms of transaction value, HDFC Bank again led the way, with a total spend of Rs 44,369 crore through its credit cards in July. ICICI Bank and SBI followed with Rs 34,566 crore and Rs 26,878 crore, respectively. The report said "In Jul'24, transaction volumes was led by cards issued by HDFC Bank (9.9 crore) followed by ICICI Bank (7.1 crore) and SBI (6.3 crore)". Additionally, the <keyword id="22988051" type="General" weightage="20" keywordseo="average-transaction-value" source="keywords">average transaction value</keyword> (ATV) also saw a marginal increase of 1.4% month-on-month in July 2024. This marks the first increase in ATV in ten months, suggesting a shift in consumer behaviour towards higher-value transactions after a period of stagnation. Overall, these figures reflect the growth of credit card usage in India, driven by increased consumer confidence and the convenience offered by credit card transactions.

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

India has witnessed the fastest jump in alternative payment share for <keyword id="21422684" type="General" weightage="100" keywordseo="e-commerce-payments" source="keywords">e-commerce payments</keyword> in the <keyword id="20122305" type="General" weightage="20" keywordseo="Asia-Pacific-region" source="keywords">Asia-pacific region</keyword> from 20.4% in 2018 to 58.1% in 2023 as per a report by GlobalData, a data and analytics company. Options for payment other than traditional cash include <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword>, <keyword id="6354770" type="General" weightage="20" keywordseo="debit-cards" source="Orion">debit cards</keyword> and <keyword id="6387037" type="General" weightage="20" keywordseo="credit-cards" source="Orion">credit cards</keyword> among others. "This significant uptake of alternative payment solutions can be attributed to the widespread usage of <keyword id="21223853" type="General" weightage="20" keywordseo="mobile-wallets" source="keywords">mobile wallets</keyword>, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning <keyword id="19993724" type="General" weightage="20" keywordseo="QR-codes" source="keywords">QR codes</keyword>," GlobalData report elaborated. The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers for e-commerce payments. The report states that such alternative payments are already immensely popular in countries like <keyword id="1334" type="General" weightage="20" keywordseo="china" source="Orion">China</keyword> and India and are also gaining traction in other APAC markets as well. However, China led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-commerce payments value in 2023 that took place in the entire Asia Pacific region. However, India is also not far behind, with a significant surge in alternative payment methods since 2018. The e-commerce analytics by the company revealed that even traditionally cash-intensive countries in APAC such as the Philippines, Malaysia, and Indonesia, are witnessing a similar trend. "While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, even outpacing the West. This trend is driven by the rising smartphone and internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions" said Shiv Gupta, Senior Banking and Payments Analyst at GlobalData. The report also highlights that within the Asia-Pacific region, China and India have a higher adoption rate of alternative payment methods as compared to their peers. According to the company's 2023 Financial Services Consumer Survey, alternative payment solutions account for more than 65% of the e-commerce transaction value in China, the largest e-commerce market globally. It represents a significant increase from 53.4% in 2018. Other Asian markets like Indonesia, Hong Kong, Singapore, and the Philippines are also seeing higher adoption of alternative payment solutions. "Alternative payment solutions accounts for lion share in e-commerce markets across many APAC countries, supported by rising internet and smartphone penetration, and growing acceptance of digital payments by merchants. With the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region" said Gupta.

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

<ul class="summary-list"><li>Pet ownership is on the rise, and Americans are spending more time and money on their furry friends.</li><li>Dogs, in particular, are increasingly being welcomed into public spaces.</li></ul>Your next wedding might be full of drooling guests.The Dog Bar — a sprawling dog venue in Saint Petersburg, Florida —has had at least six (human) proposals, and one wedding. Some of the couples who got engaged met at the dog-catered venue; others just love it so much that that's where they wanted to make things official.It's not just romance brewing at the Dog Bar. Politicians come by to do <a target="_blank" class="" href="https://www.facebook.com/MayorKenWelch/videos/thanks-for-coming-out-to-support-last-night-at-the-dog-bar-st-pete-99-days-until/834832220788817/">some stumping</a> (and, presumably, dog petting). Young professionals convene for meet-ups. And a good chunk of customers don't even have dogs; they just want to hang out amongst both friends human and furry.It's all part of a new shift in American public and social life: It's gone to the dogs.Virtually all <a target="_blank" href="https://www.pewresearch.org/short-reads/2023/07/07/about-half-us-of-pet-owners-say-their-pets-are-as-much-a-part-of-their-family-as-a-human-member/">US pet owners</a> now say their furry companions are part of their family — up from 86% of dog owners and 78% of cat owners <a target="_blank" href="https://www.pewresearch.org/social-trends/2006/03/07/gauging-family-intimacy/">in 2006</a>. This might be in part because many younger Americans are having kids later than previous generations, or <a target="_blank" href="https://www.businessinsider.com/child-free-millennials-dont-want-kids-to-hamper-travel-life-2024-9">not having them at all</a>."People are really combining their social life with their dog ownership nowadays," Kendal Kulp, the co-founder and CEO of <a target="_blank" href="https://www.wagbar.com/">Wagbar</a>, a dog park and bar in Asheville, North Carolina, that regularly hosts weddings, dog birthday bashes, and Halloween parties. The space is currently hosting hurricane relief efforts for the local community.If you feel like you can't turn a corner without seeing a four-legged friend, you're not alone. America's younger workers are getting hooked on their dogs, and they're generating their own revenue streams — and popping up everywhere, occasionally to some people's chagrin."The dog today is not the dog of 10 years ago," Bobby Boivin, the co-owner of Boo's Dog Bar in Sarasota, Florida, said. "The dog today is literally a child in the family. It is a family member. And well, when people go out to dinner, they want to bring the whole family with them."You can feel that at the Dog Bar. Some of their community events are directly inspired by the other type of kids — the human variety. Stephanie Marble, the events coordinator and membership director, said she's taken inspiration from the birthday parties she threw for her sons when they were little."One thing that we do that's really simple in Florida is we just put sprinklers out in the yard," Marble said, "because in the summertime when you're trying to get the kids to do something, get out of the house and stop complaining, you just turn the sprinkler on and throw them all outside in the front yard and they can play for hours with their little pools and their little sprinklers. And so we do that once or twice a year at Dog Bar."She offers party packages, Santa for holiday photos, and an Easter egg hunt for dogs. Santa Steve, in particular, is a big hit — his photos with dogs frequently end up in their owner's digital Christmas cards. He has almost 200 sittings with dogs every year, broken up across two days.The obsession with canines is shaping our built environments, from bars to apartments to your favorite coffee shop. Our urban infrastructure and lifestyles are increasingly designed around pet ownership. Call it the invasion of the dogs.<h2 id="e6e1611e-a9f7-4ff4-b264-e769292d445a">Everyone got dogs</h2>In Washington, DC, a single-story laundromat and parking lot just off Logan Circle is being transformed into a 6,000-square-foot "dog-friendly garden" called Dog Daze. The turf and tree-dotted venue will feature vendors serving coffee, beer, pizza, smoothies, and acai bowls. The idea is to create a place where both people and dogs want to be regulars."You can go to a dog park, and you can sit down for a quick amount of time, but it's really more of a check-the-box activity versus actually somewhere you want to stay and hang out," said Dog Daze managing partner Kyle Cissel. "We wanted to make sure that it was somewhere they felt at home, they're willing to spend time, and they would actually stay for longer periods of time and make it part of their daily, weekly, and monthly schedule."Over the last few decades, the percentage of households with kids <a target="_blank" href="https://www.pewresearch.org/short-reads/2021/11/19/growing-share-of-childless-adults-in-u-s-dont-expect-to-ever-have-children/">has plummeted</a>, while the share that owns a pet has ticked up. The percentage of homebuyers with a child under 18 living with them has fallen by nearly half since the 1980s, according to <a target="_blank" href="https://www.nar.realtor/blogs/economists-outlook/a-stunning-stat-for-international-cat-day-there-are-more-american-households-with-pets-than-children">a NAR analysis</a> of US Census data. At the same time, the share of households with pets has grown <a target="_blank" href="https://americanpetproducts.org/industry-trends-and-stats#:~:text=2024%20APPA%20National%20Pet%20Owners,type%20and%20by%20generational%20segment.">from 56% in 1988 to 66% today</a>. And during the pandemic alone, over <a target="_blank" href="https://www.aspcapro.org/resource/new-aspca-survey-vast-majority-dogs-and-cats-acquired-during-pandemic-still-their-homes">23 million US households</a> welcomed dogs into their homes."We see dogs all the time where people are like, 'Yeah, this is my covid baby. I never liked dogs before, but I got one, and now it's my favorite thing in the world,'" said Kulp, of Wagbar.That dog boom coincided with a few other key trends: Americans were <a target="_blank" href="https://www.businessinsider.com/modern-loneliness">feeling lonely</a>, they couldn't afford to <a target="_blank" href="https://www.businessinsider.com/rising-cost-dating-millennials-gen-z-soaring-cost-love-apps-2024-8">sink more money into dating</a>, and larger homes with yards were financially out of reach.Nearly one in five homebuyers factor pets into their housing and neighborhood choice, <a target="_blank" href="https://www.nar.realtor/blogs/economists-outlook/a-stunning-stat-for-international-cat-day-there-are-more-american-households-with-pets-than-children">according to data</a> from the National Association of Realtors (NAR). That's up from 15% in 2018. Among unmarried couples, the number jumps to 29%. A third of those who consider their pets needs when choosing a home say they want to be close to parks and recreation, NAR found. Inside the home, features like dog and cat doors, outdoor "catios" for felines, and fenced yards are all in demand.It pays for landlords and homebuilders to provide for their non-human customers. After all, the dog business is booming. Spending on US pet care alone <a target="_blank" href="https://americanpetproducts.org/news/u.s.-pet-industry-reaches-147-billion-in-sales-in-2023">has ballooned</a> from $53.3 billion in 2012 to $147 billion in 2023. Americans are also increasingly spending more time on their fuzzy friends; in 2003, according to the American Time Use Survey, Americans ages 25 to 34 spent just over four minutes a day on average on animal and pet care (that includes Americans without pets). By 2023, it had risen to nine minutes a day.And while playgrounds have traditionally been a social hub for parents and kids alike, dog amenities offer a new kind of community or third place. That might explain why dog-centric bars and restaurants — where dogs aren't just a patio feature but the main attraction — are popping up all over the country.Cissel thinks the future is bright for dog-friendly third spaces. He argued that a dog social club like Dog Daze is similar to a local gym or convenience store — an amenity neighbors would use multiple times a week, as opposed to other leisure amenities like movie theaters. "It's definitely something that I think you'll see in every neighborhood in the next 10 years," he said.Tara Downs, the owner of the seven-year-old Pub Dog in Colorado, said that she's noticed some economic shifts from her customers — three or four years ago, someone would come in and order a few beers and food for themselves, and food for their dogs. Now, they're seeing humans cut back on what they're spending on themselves but still getting their dogs the same treats."So they're still finding ways to make sure that they're giving their dogs everything that they want for them — no matter what it means for them in the human sense," she said.Take Fred Metzler. He was working a corporate job selling automatic doors when he decided he wanted a change. After adopting two puppies, he fell in love with a dog bar in his neighborhood. He and his former business partner decided to bring that concept down to St. Petersburg, Florida and ended up opening the Dog Bar in 2016.Metzler also noticed something else over the last decade or so: "The pet industry seemed to be kind of recession-proof. I mean, through '07, '08, when things were just terrible, and our business was way down in construction, companies like PetSmart never slowed down." Even in 2009, PetSmart's store sales growth slowed down to what the <a target="_blank" href="https://www.wsj.com/articles/SB10001424052702304607104579212232612242394">Wall Street Journal</a> hailed as a "respectable" rate that rebounded and then some. After all, as Kulp, the co-founder and CEO of Wagbar, said: "People spend more money on their dogs sometimes than themselves."According to a survey from the American Pet Products Association of 10,156 pet owners from December 2023 to January 2024, 27% of dog owners said that they hold holiday or birthday parties for their dogs — up from just 14% in 2018.In some tangible ways, today's dog owners indeed see their pets as children. It does make sense: In a country where the cost of living is rising and raising a kid <a target="_blank" href="https://www.businessinsider.com/how-much-kids-cost-raising-child-inflation-childcare-tax-exemptions-2024-1">costs $26,000 a year</a>, becoming a dog parent might feel more financially sound — and still help stave off loneliness."People are lonely, people take dogs as serious as children," Luke Silverman, the CEO and co-founder of Bark Social, a social club for dogs and humans with locations across the country, told BI. "All that together brings together these really unique opportunities to create a community."<h2 id="20b14fe7-56a0-4109-839f-fcf696ab8d55">What it means to have dogs everywhere</h2>Stephanie Chez, 26, first noticed more dogs around when she spent the summer of 2021 working at IKEA. Since then, she's seen them everywhere, from Sephora to Target to coffee shops.Chez loves dogs, but her fiance is allergic. Obviously, she said, some dogs are service animals and people with allergies will have to contend with that. And she enjoys seeing dogs around — but she's still adjusting to the new normal."Sometimes it's like, oh, did you have to bring your dog into this tiny little coffee shop?" she said.It's a question that Americans might be reckoning with more, especially as society becomes more dog-centric. According to the APPA survey, 15% of dog owners are bringing their dogs with them in the car daily to run errands or go about their daily routines — up from 10% in 2018. More dog owners are also bringing their dogs with them on vacation; around a third of them have brought their dogs on a two-plus night trip via car, and around a fifth did the same via plane.Other pet owners might be looking to do the same. Silverman said that someone once called and asked if they could bring a miniature horse in. His answer: If it was a service animal, yes. The horse ultimately never made an appearance.Unleashed Hounds and Hops in Minnesota has had one cat come in a backpack, according to founder Kevin Knutson. The cat mostly kept to itself; as long as it wasn't disrupting the dogs, it was okay for the not-dog to attend."It's the same thing with kids," Knutson said. "We do allow kids at our facility too, but we have a strict rule about they have to stand up within arms reach of an adult. This is not a playground for kids. This is a playground for dogs."Dog bars are also increasingly becoming a site of life's big moments. Multiple dog bars BI spoke with touted their singles events. Kulp said that couples have met, gotten engaged, and even gotten married at Wagbar.Some — like the Dog Bar in Florida — also use their spaces as a neutral ground for dog parents to meet adoptable dogs and see if their current pups get along with a potential new sibling. That neutral stomping ground has also made it a good space for broken-up dog couples to do custody hand-offs; Metzler has heard of one or two break-ups happening there, too."I think the individual was like, this was a good-energy place. My partner can only get so mad," he said.And as dog bars and dog-centric spaces have become a larger part of life for many Americans, some have also become a place for a send-off from life. Kulp said that a customer in his 80s found Wagbar, and came every day like clockwork. When he passed away, his family got in touch; they'd never been to the venue before, but they knew what a big impact it had on his final years. They decided to hold his memorial there — with dogs in attendance."That's just not something you see at very many places and businesses," Kulp said. To him, that's a testament to the power of dogs. "They just are a catalyst for that connection and conversation."

Invasion of the dogs: How surging canine ownership is reshaping cities and businesses

<ul class="summary-list"><li>Goldman Sachs reported third-quarter earnings on Tuesday that beat analysts' expectations.</li><li>The investment bank posted $12.7 billion of revenue and almost $3 billion of net earnings.</li></ul>Goldman Sachs reported third-quarter earnings on Tuesday that beat Wall Street's expectations, sending its stock up as much as 3% in premarket trading.The investment bank generated $12.7 billion of net revenue, a 7% increase from the same period last year. It also cut its operating expenses by 8%, fueling a 45% surge in net income to $2.99 billion. Earnings per share were $8.40, exceeding Alphasense's consensus estimate of $6.71.Net revenues rose 7% year over year in the global banking and market division, fueled by a 20% surge in investment banking fees to $1.9 billion. The fee jump reflected a sharp increase in net revenues from debt underwriting amid strong leveraged finance and investment-grade activity, and higher net revenues in equity underwriting driven by secondary offerings.The asset and wealth management segment saw a 16% rise in net revenues as it collected record quarterly management and other fees. Moreover, assets under supervision grew by $169 billion last quarter to a record $3.1 trillion.CEO David Solomon said in the earnings release: "Our performance demonstrates the strength of our world-class franchise in an improving operating environment. We continue to lean into our strengths – exceptional talent, execution capabilities and risk management expertise – allowing us to effectively serve our clients against a complex backdrop and deliver for shareholders."He had struck a cautious tone at a Barclays conference in September, per a transcript provided by AlphaSense, warning that Goldman's trading unit was trending 10% lower than a year earlier largely due to fixed-income weakness.Solomon had also warned of a roughly $400 million blow to pre-tax earnings from the bank shifting away from its credit card partnership with General Motors and selling its seller financing loans.Meanwhile, Bank of America's third-quarter earnings showed its revenues were almost flat year on year at $25.3 billion. Higher non-interest expenses pushed its net income down 12% to $6.9 billion.CEO Brian Moynihan said it was another good quarter with "solid earnings results, delivering higher average loans and our fifth consecutive quarter of sequential average deposit growth."Bank of America stock was up 1.7% in premarket trading at the time of publication.

Goldman Sachs beats Wall Street forecasts as investment-banking fees surge 20%

<ul><li>Robinhood stock surged 8% on Wednesday after the company unveiled a solid gold credit card.</li><li>The credit card will offer 3% cashback rewards and 5% cashback on travel booked through Robinhood's travel portal.</li><li>Robinhood is offering solid gold credit cards to the first 5,000 users who refer 10 people to the company's monthly service plan. </li></ul><a href="https://markets.businessinsider.com/stocks/hood-stock">Robinhood</a> stock surged as much as 7% on Wednesday after the company launched a solid gold credit card that offers its users 3% cashback rewards.This marks Robinhood's first foray into the lucrative credit card market, expanding its offerings from investing and saving to also spending. Robinhood had previously launched a cash debit card. The new credit card offers a rather generous 3% cashback reward on all purchases, as well as 5% cashback rewards on travel purchases made through Robinhood's online travel portal. Additionally, the Robinhood credit card has no annual fee and no foreign transaction fee.The Robinhood Gold Card is made of stainless steel and weighs 17 grams, but there is a solid gold version of the credit card that weighs 36 grams and is worth more than $1,000 of 10 karat gold.Robinhood is giving this solid gold card to the first 5,000 users that refer 10 people to Robinhood's Gold subscription plan. Robinhood CEO Vlad Tenev is bullish on the card bringing in new customers to the company's stock trading platform."What I predict we'll see is a significant number of customers that join for the credit card and then become investors," Tenev told Axios on Tuesday. While the Robinhood credit card comes with no annual fee, it's only available to Robinhood Gold subscribers, which costs $5 per month. Robinhood Gold offers other benefits to its members besides access to the credit card, including a 3% match on IRA deposits, 5.25% interest on cash, and access to lower margin rates. Robinhood stock has been on a tear so far this year, rising 59%, though the stock is still 76% below its record high of $85 per share.

Robinhood stock surges after the company launches a solid gold credit card with 3% cashback rewards

<ul><li>Three banks would be most impacted by the move as their capital ratios would be affected by 30-85 basis points.</li><li>Capital buffers will have to be further strengthened by banks if they want to lend to consumers for unsecured loans.</li><li>Borrowers with more than five personal loans rose from 1% in 2018 to 7.7% in March 2023, as per a report.</li></ul> Shares of <keyword id="116253" type="General" weightage="50" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword>, RBL Bank, <keyword id="6357149" type="General" weightage="50" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and <keyword id="6653" type="General" weightage="50" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> are expected to come under pressure after the Reserve Bank of India asked lenders on Thursday to set aside more capital for consumer loans. This move is expected to impact the capital buffers of these banks. According to analysts, these banks would be most impacted by the move as their capital ratios would be affected by 30-85 basis points. For banks the first line of defense against bad loans is CET Tier 1 capital or Common Equity Tier 1 capital (CET1), which is the highest quality of regulatory capital, as it absorbs losses immediately when they occur. According to Motilal Oswal Financial Services, the CET 1 impact would be maximum for RBL/HDFC Bank/ICICI Bank at 84 basis points/72 basis points/64 basis points. Among non banks, SBI Cards would be the most vulnerable with a 416bp impact on capital ratios. Capital buffers will have to be further strengthened by banks if they want to lend to consumers for unsecured loans. If a bank had to set aside say ₹20 for loans, it will now have to set aside 25% more for every unsecured loan it issues. Not just this the banks will have to set aside more capital if they want to lend to shadow banks or non banking financial institutions as well. When cost of capital increases, so will lending rates. In the years after the pandemic broke, unsecured personal loans to retail borrowers have been on a steady rise. Not just banks but even non banks have been merrily issuing such loans to borrowers, and in many cases these borrowers have multiple such loans used for consumption. From 12-14% these loans are now growing at 30% rate. The central bank has cracked down on some non banks for not adhering to norms while underwriting such small ticket loans. The red flags have been flying high for a while now. According to proprietary research done by UBS, borrowers with more than five personal loans rose from 1% in 2018 to 7.7% in March 2023. New disbursement of personal loans to borrowers with weaker credit profiles accounted for 22% of disbursements. Of all banks, UBS was of the view that state-owned banks and non banking financial companies had a much higher share of weak borrowers compared to private banks. Analysts believe that pressure on net interest margins and higher credit costs to impact earnings of banks and shadow banks over FY24 and FY25. Paytm, a fintech company, has recently built a large loan portfolio which is mostly comprised of personal loans. With the <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword> cracking down on these loans, the loan growth will be impacted for Paytm too. Deepak Shenoy, CEO of Capital Mind, took to social media to explain the impact, “See how it affects SBI cards: SBI Cards had credit card receivables of ₹ 45,000 crore with 23% capital adequacy ratio (CAR). So ₹10,500 cr in capital (23% of ₹45Kcr). Increase risk weight to 125% means ₹45K cr=₹56K cr risk weighted assets.” Shenoy explains that if “SBI Cards wants to grow, and keep high CARs (min is 15% I think?) they’ll need to raise capital and dilute. Which means for the same profit = higher capital. Means lower ROEs.” ALSO READ: <a href="https://www.businessinsider.in/stock-market/markets/news/foreign-investors-continue-to-bet-big-on-banks-and-nibbling-on-small-and-mid-cap-stocks/articleshow/104462273.cms" data-type="tilCustomLink" target="_blank">Borrowers with multiple personal loans a big risk to profitability of banks and NBFCs</a>

RBI tightens norms on personal loans for banks and NBFCs; stocks to be under pressure

<ul><li>The private sector lender saw credit card spends more than double in August, compared to a 40% growth seen by SBI.</li><li>ICICI Bank has grabbed market share from HDFC Bank that was banned from launching new credit cards until August.</li><li>The ban on Mastercard, which ICICI Bank has less exposure to, also helped in boosting spends ahead of the festive season.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>As fear of a third Covid-19 wave in India eased and festive sales began, ICICI Bank surpassed State Bank of India in credit card spends in August. The private sector lender saw a 127% growth in its credit card spends in August, compared to last year. On the other hand, SBI had to make peace with a much slower growth of 40%, as per the latest <a href="https://rbi.org.in/Scripts/ATMView.aspx">data</a> from the Reserve Bank of India (RBI). <div type="image" title="icici bank stock." msid="86808665" hostid="261"></div> There are at least two reasons why ICICI Bank’s credit cards are getting swiped so often now. RBI had <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/893abfb4-95cb-4942-a555-312aef465ef4.pdf">banned</a> HDFC Bank from issuing credit cards in December last year due to multiple glitches in its digital banking system over the past two years. Even as the curb was lifted in August, it gave an opportunity to other lenders, including ICICI Bank, to grab credit card market share from HDFC Bank. <div type="image" title="hdfc bANK STOCK." msid="86808651" hostid="261"></div> “The growth in ICICI Bank credit card spends having surpassed SBI can also be attributed to higher spends per credit card due to quality of customers,” said Parijat Garg, an independent digital lending consultant. "Even as the number of cards issued by SBI and ICICI Bank have been largely similar, clearly ICICI Bank has seen higher credit card spends ahead of the festive season due to a better quality of customers that made higher-value transactions per card, compared to SBI customers,” he said. Among other lenders, IndusInd Bank Ltd. also saw its credit card spends more than double in August compared to last year, while market leader HDFC Bank Ltd. saw a 28% year-on-year increase. Top banks by credit card spends <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">As of Aug. 2021 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Credit Card Spends (in Rs Crore) </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">YoY increase (in %) </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MoM increase (in %) </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">20595 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">28% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">15256 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">127% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank Of India </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">14550 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">40% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6830 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">69% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">CitiBank India </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3845 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">127% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3655 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">48% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">11% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">RBL Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3471 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">50% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">American Express </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2505 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">33% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2039 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">22% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Standard Chartered Bank </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1071 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">41% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">77733 </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">54% </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: RBI On an overall basis, credit card spends rose 54% to ₹77,733 crore in August, compared to last year. Compared to July, the preceding month, however, the growth seemed tepid as overall credit card spends grew just 4%. The growth was partly due to a low base effect, as lockdown curbs affected mobility during August last year, which saw nearly two million Covid-19 cases and 28,000 virus deaths-- the <a href="https://www.bbc.com/news/world-asia-india-53981828">highest monthly tally</a> in the world since the pandemic began. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/triton-model-h-electric-suv-india-live-pictures-leaked/articleshow/86805977.cms">Exclusive: First live pics of Triton Model H electric SUV leaked ahead of next week’s launch</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-network-down-in-india-no-internet-no-calls/articleshow/86802857.cms">#JioDown: Reliance Jio network goes down in certain circles, users report they cannot use internet or make calls</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-paytm-oyo-and-ola-are-currently-valued-higher-than-ashok-leyland-indian-hotels-and-escorts/articleshow/86782880.cms">India's largest two-wheeler maker, biggest beer brewer and aluminum producer are smaller than startups like Byju's, Paytm, and OYO</a>

ICICI Bank leaves SBI behind in credit card spends as it chases HDFC Bank in pole position

<ul><li><keyword id="6534999" type="General" weightage="100" keywordseo="sbi-card" source="Orion">SBI Card</keyword>, the second largest credit card issuer in India, reported a 106% year-on-year increase in profit in Q1 FY23.</li><li>The SBI group company also revealed that its overall customer spends increased by 80%, while new accounts surged 48%.</li><li>Despite the positive results, the card issuer is off to a slow start in FY23 across spends, cards and transactions.</li></ul>SBI Card, one of the leading credit card issuers in India, announced its June quarter results with a healthy increase in profit to ₹627 crore, more than doubling from ₹305 crore a year ago. It also announced a 33% surge in its revenue to ₹3,263 crore, while its interest income grew by a more modest 20% to ₹1,387 crore. SBI Card is currently the second largest credit card issuer in India, with a market share of 18.4%, behind HDFC Bank, which has a 22.4% share, reveals the latest report by the Reserve Bank of India. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q4 FY22 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY22 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3,263 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹3,016 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹2,451 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Interest income </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,387 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,266 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹1,153 crore </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹627 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹581 crore </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹305 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: Company reports The overall positivity in its numbers is also reflected by another key metric –spends of its credit card holders. According to SBI Card’s exchange filing, while the company managed to add 48% new accounts in Q1 FY23 along with a 19% increase in its active credit cards to 14.3 million, the total credit card spends grew 79% to ₹59,671 crore in the April-June 2022 period. <div type="image" title="SBI Card average spends per card Q1 FY23." msid="93186898" hostid="261" caption="&amp;lt;p&amp;gt;SBI Card average spends are increasing&amp;lt;/p&amp;gt;"></div> Net non-performing assets, another key metric for financial services companies, declined to 0.79% in this period, from 0.88% a year ago. Interestingly, corporate spends grew at a much faster rate than retail spends – while corporate customers increased their spends at 16%, retail customer spends increased only 9% sequentially. Despite the slowdown, retail spends contribute the most, being 3x higher than corporate spends. On the other hand, the increase in provisions was relatively modest at 5% sequentially, to ₹503 crore. <cmsannotation type="cmsannotation" annotationid="Despite the positivity, growth outlook lower" comment="subhead" text="Despite the positivity, growth outlook lower">Despite the positivity, growth outlook lower</cmsannotation> Although the numbers so far paint a positive picture, SBI Card’s growth outlook remains a little dull. According to the company, its FY23 has kicked off at a slower pace, with its share across cards issued, spends and transactions all declining when compared to the previous two years. <div type="image" title="SBI Card outlook Q1 FY23." msid="93186909" hostid="261" caption="&amp;lt;p&amp;gt;SBI Card&amp;#39;s FY23 is off to a slow start&amp;lt;/p&amp;gt;"></div> It remains to be seen if the company’s projections for the rest of FY23 improve. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-net-profit-zooms-2x-even-as-high-commodity-prices-stress-margins/articleshow/93160137.cms">Maruti Suzuki net profit zooms 2x even as high commodity prices stress margins</a> <a href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-big-money-is-in-but-no-bidding-war-yet/articleshow/93156289.cms">5G spectrum auctions: Big money is in but no bidding war yet</a> <a href="https://www.businessinsider.in/business/corporates/news/it-is-attrition-rates-and-not-the-wage-hikes-dampening-indian-it-cos-earnings/articleshow/93120202.cms">It is attrition rates and not the wage hikes dampening Indian IT cos earnings</a>

SBI Card doubles its profit as its customers increase spends by 80% – but FY23 off to a slow start

<ul class="summary-list"><li>GameStop shares soared on Monday.</li><li>The trader Keith Gill, known as Roaring Kitty, seemed to show he had a $116 million position.</li></ul><a target="_blank" rel="" href="https://markets.businessinsider.com/stocks/gme-stock">GameStop</a> shares surged at Monday's opening bell after the trader Keith Gill, who posts on social media under the aliases "Roaring Kitty" and "DeepFuckingValue," appeared to disclose a $116 million stake in the struggling retailer.The stock was up 40% shortly before 10 a.m. ET after a screenshot showing five million GameStop shares was posted from Gill's account on Reddit's r/SuperStonk forum.Late on Sunday, the trader also posted a picture of an <a target="_blank" href="https://x.com/TheRoaringKitty/status/1797418617908154621">Uno reverse card</a> on X, which had 65,000 likes at last check.GameStop also spiked last month after Gill broke a three-year social-media silence with a <a target="_blank" href="https://markets.businessinsider.com/news/stocks/gamestop-meme-stocks-keith-gill-roaring-kitty-wall-street-bets-2024-5">series of cryptic posts</a>, though the so-called meme stock subsequently gave up most of those gains.Gill hit the headlines in January 2021 when his bullish analyses of GameStop triggered a <a target="_blank" href="https://www.businessinsider.com/how-short-selling-works-why-it-didnt-work-on-gamestop-2021-1">short squeeze</a>.He later told the House Financial Services Committee that he was "<a target="_blank" href="https://www.businessinsider.com/gamestop-hearing-roaring-kitty-i-am-not-a-cat-lawyer-2021-2">not a cat</a>." He was one of the main characters in the 2023 film "Dumb Money," in which he was portrayed by Paul Dano of "The Batman" and "There Will Be Blood."

You Searched For "sbi card share surge" and got 9 results

Indians credit card spending increases 19% YoY to Rs 1.7 trillion in July 2024

ANI

India's non-cash payments on e-commerce platforms surge to 58.1% in 2023

ANI

Invasion of the dogs: How surging canine ownership is reshaping cities and businesses

Juliana Kaplan,Eliza Relman

Goldman Sachs beats Wall Street forecasts as investment-banking fees surge 20%

Theron Mohamed

Robinhood stock surges after the company launches a solid gold credit card with 3% cashback rewards

Matthew Fox

RBI tightens norms on personal loans for banks and NBFCs; stocks to be under pressure

Malini Bhupta

ICICI Bank leaves SBI behind in credit card spends as it chases HDFC Bank in pole position

Ridhima Saxena

SBI Card doubles its profit as its customers increase spends by 80% – but FY23 off to a slow start

Rounak Jain

GameStop's stock surges after Roaring Kitty appears to show he has a $116 million stake

George Glover

Popular Keywords

Buying Guides