SBI Cards' CFO Nalin Negi resigns from post, last working day will be July 31

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The SBI Cards and Payment Services (SBI Cards) said in a regulatory filing on May 3 that its chief financial officer (CFO) Nalin Negi has resigned from the post. Negi's last working day with the company will be July 31, 2022, the company said.

Nalin Negi had been the SBI Cards CFO since December 2017.

Last week, the pure-play credit card issuer had posted a 64 percent jump in its net profit at Rs 1,616 crore for the fiscal ended March 2022 on the back of good card spends by customers. The SBI-promoted credit card company had also reported a 16 percent rise in total revenues at Rs 11,302 crore in FY22.

Its interest income increased to Rs 1,266.10 crore in the quarter under review from Rs 1,082.42 crore in the year-ago period, while the income from fees and commissions rose to Rs 1,426.81 crore against Rs 1,113.81 crore, it said.

Brokerage firm Motilal Oswal Financial Services (MOFSL) expects the company to deliver a 50 percent earnings compound annual growth rate (CAGR) over FY22-24, leading to an RoA/RoE of 7.3 percent /30.6 percent.

RoA stands for return on assets while RoE is an abbreviation for return on equity.

It has maintained a 'Buy' rating on the stock with a target price of Rs 1,100 per share (29x FY24E EPS).