SBI Cards growth nears pre-COVID level on higher spends, new card sourcing

The SBI Cards and Payments Services (SBI Cards) stock has gained about 5 per cent since its December quarter (Q3) results. This is despite SBI’s operating profit falling by three per cent year-on-year (YoY) and net profit by about 50 per cent YoY.

Rs.648 crore, provisioning cost rose by 72 per cent YoY, marking the fourth straight quarter of elevated provisioning costs. Yet, what worked is the eight per cent YoY growth in overall credit card spends to Rs.37,800 crores and a strong rebound in new cards sourcing up 34 per cent sequentially.

Source: Business Standard