BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
SBI Cards and Payment Services Ltd. reported a weak quarter, with a sequential decline in receivables/spending.
On the other hand, margins declined approximately 130 basis point, affected by interest income.
Fee income stood stable QoQ (up 16% YoY) as spends declined 5% QoQ (up 11% YoY).
However, the decline in opex led to stable pre-provision operating profit.
Retail spends remained higher versus pre-Covid-19 levels (~113%), while corporate spends reached pre-Covid-19 levels.
The gross non-performing asset ratio increased on higher non-performing assets from the Reserve Bank of India RE book, comprising ~50% of the total slippages.
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