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Yes Securities Report
SBI Cards and Payment Services Ltd. delivered a beat of 2% at pre-provision operating profit level and 26% on earnings which was characterised by -
sustained strong traction in core business momentum (27% YoY growth in new card additions, overall spends/retail spends up 51%/40% YoY and 7% QoQ/25% YoY growth in receivables),
further decline in revolvers' share (declined to 25%, contrary to management guidance) and this impacting portfolio yield/net interest margin (down 140/80 basis points QoQ),
lower opex intensity (seasonality factor plus initiatives towards lowering acquisition cost) and
sturdy asset quality performance (strong collections/curtailed flows plus lower write-offs).
SBI Cards' profit after tax was at a life-time high and return on asset/return on equity of 7%/30% stood at better than pre-pandemic level.
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