Sector Update - Credit Cards Business Performance In Q4: Axis Securities
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Axis Securities Report
In Q4 FY21, the credit card industry registered a spends growth of 10% YoY and cards in-force (CIF) growth of 8% YoY.
This was partly aided by a low-base effect with Covid-19 induced lockdowns impacting March 2020 performance.
On a sequential basis, the industry witnessed growth of 4% QoQ in spends and 3% QoQ in CIF, albeit Q3 FY21 is generally a strong quarter on account of the festive season.
Business volumes de-grew by 6% YoY in Q4 FY21 as point of sale spends remained impacted.
For FY21, the overall industry spends de-grew by 14% YoY. H1 FY21 was particularly weak on account of nation-wide lockdowns.
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