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Yes Securities Report
SBI Cards and Payment Services Ltd. delivered 6% profit after tax beat on our expectation which was characterized by-
sustained significant gross card addition (up 37% YoY),
stronger spends growth (retail spends up 2% QoQ/33% YoY),
stronger receivables growth (up 5% QoQ/30% YoY) and stable mix,
resilient net interest margins with improvement in yield,
higher instance-based fees (due to application of fees on rental spends from mid-November),
higher business development income (triggering of incentive milestone due to strong spends),
material decline in cost/income ratio due to restrained opex growth (from improving cost of acquisition on blended basis), and
higher credit cost (delinquency flow from pre-pandemic book plus elevated write-off plus 20 basis points impact from expected credit loss model strengthening).
SBI Cards' annualized return on asset/return on equity for the quarter stood at 5.4%/25%.
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