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.
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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