Asset quality continues to disappoint; NIMs stable

29 Jan 2024
5 Min read 
  • SBI Cards reported a disappointing quarter with lower than expected PAT and elevated provisions.
  •  Asset quality remained under pressure with an increase in GNPA/NNPA ratios.
  •  Spending growth remained healthy, but margins were impacted by higher funding costs.
  •  The company downgraded its rating to Neutral with a revised TP of INR850.
  •  The outlook for near-term earnings remains uncertain with limited visibility.
  •  The company aims to maintain its current customer acquisition run rate.
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