Axis Bank aims organic growth in credit card business

Axis Bank has started to reap the benefits of its strategy to grow further organizations to fuel growth in the credit card business, ranking in the highest ever acquisition in the March quarter, a top official said. Buoyed by the growth, the bank is eyeing capturing one-fifth of the credit card market in the medium term, the official said. 

With Citi’s consumer business to be merged with itself going ahead, the bank won’t lose the focus on delivering quality services, Sanjeev Moghe, President and Head – Cards and Payments, at Axis Bank, said. 

The fourth-biggest private sector bank timed the most noteworthy ever quarterly growth with over 1.1 million credit card acquisitions in the March quarter of 2021-22. 

“We split our business into two segments, one is organic which is based on our own sourcing and another vertical is all kinds of partnerships that we have. Both of these opportunities are growing, we did 1.1 million credit cards in Q4FY22. We accept we can hit this momentum of million cards now in each quarter. What I am talking about is that for the following couple of quarters, I will see a run rate of this number. 

“Then onwards we expect our momentum to grow further as long as the economy stays stable. We have our learnings from Covid what not to do. Post-Covid, we launched new kinds of sourcing capabilities including digital which has made our acquisition more efficient,” Moghe told PTI in a meeting.axis