SBI Card, one of the country`s leading credit card issuers, has grown its cardholder base to over six million by garnering fastest ever growth in its card volume.
The company added over one million customers in six months, between September 2017 and February 2018, thus consolidating its position as the second largest credit card issuer in the country and expanding its market share to 16%.
Speaking on the development, Hardayal Prasad, MD and CEO, SBI Card said “The remarkable growth we have experienced is a result of our customers` continued trust and support. Our commitment to deliver innovative, industry leading products, backed by excellent service and a strong ethos of trust and transparency, has resonated with our customers making us a preferred brand for millions across the country. Over the past few years, we have consistently grown at over 40% CAGR on card spends, against the industry growth rate of around 25%. Our market share on both number of cards and spends has risen steadily.”
The company witnessed over 75% YOY growth in average monthly card spends in FY 2017-18, which is nearly double the industry growth rate. Market share on customer base has risen from 15% to 16% plus while share on card spends has risen from 13% to 16% during the same period.