India’s largest private sector lender, HDFC Bank, became the first Bank to have two crore credit cards in force.
“The bank started the credit card business in 2001 with the launch of its first credit card. It reached 1 crore CIF in 2017 and doubled the count to 2 crore in exactly 6 years and 1 month,” it said in a press note.
HDFC Bank started its credit card business in 2001, and reached the milestone of 1 crore cards-in-force in 2017. The bank doubled this number to 2 crore cards in just six years.
The bank has the largest market share of the credit card business in India, accounting for 28.6 per cent of the market, as of March 2023.
According to the latest RBI data, the bank added 3.2 lakh cards in November, taking the total number of cards outstanding to 1.95 crore, making it the largest card issuer in the country.
The monthly card spending ranges between Rs 35,000-45,000 crore, and as of December 2023, the bank’s payments business, which includes consumer durable loans and credit cards, accounted for 8per cent of retail assets.
“This achievement reflects the enduring partnership between our bank and the community we serve. Every issued card represents our commitment and our shared journey towards financial empowerment, and we are dedicated to continuing this legacy of excellence in banking services,” Parag Rao, HDFC Bank’s group head for payments business, said.
Recently, the private sector lender reported a 33 per cent jump in its net profit at Rs 16,372 crore in Q3 of FY24, as compared to Rs 12,259 crore a year ago.
Gross NPAs were reported at 1.26 per cent in Q3 of FY24, up from 1.23 per cent last fiscal year. Net NPAs in Q3 of FY24 stood at 0.31per cent, as compared to 0.33p3 cent last year.