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Axis Securities Report
The credit card industry registered robust growth in terms of spends despite a higher base in April 2021 (up 184% YoY given the impact on April 2020 spends due to Covid-19 related lockdowns).
While overall industry spends registered a healthy growth of 78% YoY, it remained flattish with marginal de-growth of 1.5% month-on-month.
Similarly, new customer additions (net) remained robust as the industry witnessed ~1.5 million net customer addition. This translated into a healthy cards-in-force growth of 21% YoY (the highest since the advent of the pandemic in March 2020).
Business volumes remained strong at 41%/flat YoY/month-on-month, which we believe highlights the shift towards increased online spending and pick up in discretionary spending.
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