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Share of new credit cards sourced digitally more than doubles at Axis Bank, net profit stands at ₹1,117 crore in Q3FY21

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Nearly 80% of Axis Bank's new credit card business came through its digital channels as of December 31, 2020 compared to just 36% during the same period in the previous year, the bank said in its financial results for the third quarter of this fiscal year. The bank posted a net-profit of ₹1,117 crore at the end of Q3FY21, down by 36% year-on-year. “As the economy turns around, we see fresh enthusiasm and positivity returning to both retail and corporate business. Digital has been one of our biggest strengths and we have fortified it further. With new collaborations with the best brands in their respective fields, we have rolled out some of the most innovative products and services for our customers, with unique features and benefits," said Amitabh Chaudhury, managing director and chief executive officer, Axis Bank. During a media interaction on Wednesday, Chaudhury said that the bank will continue to focus on growing the credit card business profitably with the affluent segment contributing more, while retail spends are back to pre-COVID-19 levels. During the second quarter of this fiscal, the banks' management said that it would focus on targeting the affluent segment of customers for its credit card customers. The contribution of the affluent segment to the credit card business increased to 10.1% in December 2020 from 9% in the previous year, it said in its presentation for Q3Fy21.  While the bank opened up its partnerships with online retailers, which brought in a significant amount of digital business, it has…

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