Total Card Spends improved during May'25 (stood at Rs 1.90L Cr Vs Rs.1.85L Cr in Apr'25). Credit Card spends increased by ~3% MoM (v/s -8.6% in Apr'25), while it grew ~15% YoY vs ~18% in Apr'25. Total number of cards in force stood at ~111.2Mn as of May'25 (up by ~8% YoY and ~0.7% MoM). Net New Cards additions stood at ~7.6 lakhs (vs 5.5 lakhs in Apr'25), indicating an improved sentiment among lenders towards unsecured loan. New card issuances were majorly led by HDFCB (~2.8 lakhs), SBI (~1.3 lakhs), and AXIS (~1.1 lakh). Volume of transaction increased by ~4% MoM (vs. -2% in Apr'25), whereas it grew by ~29.7 % YoY (vs ~30.7% in Apr'25). We expect card spends to...