SBI Cards - Significantly Better Placed In Covid 2.0: ICICI Securities
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ICICI Securities Report
We hosted the top management of SBI Cards and Payments Ltd.
Overall estimated impact for Covid 2.0 is significantly lower than Covid 1.0 on account of better preparedness to manage all business functions digitally and rolling nature of lockdowns.
Reserve Bank of India restructuring book continues to run off on the expected lines and overall restructuring quantum is expected to be much lower in Covid 2.0.
The company is now better prepared to make a calibrated journey post the experience in FY21.
We remain positive on the company’s long-term fundamentals (pre-provision operating profit/profit before tax grew 38%/23% between FY17-FY21).
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