SBI Cards Q3 Review - Asset Quality Resurrection Surprises: Prabhudas Lilladher
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Prabhudas Lilladher Report
SBI Card and Payment Services Ltd.’s Q3 FY21 earnings was characterized by sharp improvement in asset quality (proforma gross non-performing assets fell 295 basis points QoQ, credit costs declined approximately 430 basis points, recoveries surged 29% QoQ) and continued business traction (QoQ growth in customer information file of 5%, new accounts acquisition at 33% and spends 27%).
However, the Reserve Bank of India revenue expenditure book expanded 11% QoQ to Rs 23.4 billion, but ~50% of such stock exhibited almost full repayments and only 33% lie under stress.
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