Axis Bank, ICICI Bank emerge as top-performing card issuers in July 2023
According to RBI, Axis Bank had the fastest MoM growth in the number of cards issued at 1.8%. However, per-card spending grew 2.6% MoM, which was lower than the sector’s 4%.
Mimbai: Axis Bank, ICICI Bank and Kotak Mahindra Bank outperformed rivals such as HDFC and SBI on various credit card metrics such as number of new cards issued and spending growth in July 2023.
While Axis Bank led in terms of number new cards issued, Kotak Mahindra Bank and ICICI Bank outperformed others in terms of spending growth.
Axis Bank is placed at No.4 in terms of total credit cards in issue in India. As of July end, it had 1.3 crore credit cards, compared to 1.8 crore cards issued by market leader HDFC Bank, 1.7 crore cards by SBI and 1.5 crore cards issued by ICICI Bank.
According to RBI data, the total number of cards issued grew by 1.3% in July to 90 million.
The data also revealed that per-card spending grew by 4.1%, while total spending on credit cards rose by 5.5% compared to June.
In terms of growth, the best performer was Axis Bank, which saw a 1.8% jump in the number of cards in issue.
However, even as the number of card accounts increased, Axis Bank’s performance was below average on per-card expenditure on benchmarks such as per-card expenditure growth.
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