Asset quality woes continue; credit cost rises further

Company
29 Jul 2024
5 Min read 
  • SBI Cards reported a weak quarter with increased stress in the system.
  •  Credit cost increased to 8.5% and GNPA at 3.06%.
  •  Spending growth moderated due to a sharp decline in corporate spending.
  •  Management expects a near-term recovery and aims for a low-risk category growth.
  •  Reiterate Neutral with a revised TP of INR770 premised on 20x FY26E EPS.
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