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SBI Cards – A quintessential consumption play that stands to gain from peaking of second wave

With around half of its revenue derived from consumer spending (fee income) and other half from credit business (interest income), SBI Cards is a consumption company in the financial services space

May 21, 2021 / 11:51 AM IST
SBI Cards – A quintessential consumption play that stands to gain from peaking of second wave

SBI Cards (CMP: Rs 1031, Mcap: Rs 97,065 crore) has posted muted earnings in the last quarter of FY21 as the business recovery lost steam. The addition of new cards moderated, spending declined, yields fell, asset quality deteriorated and credit cost jumped. With the second wave of Covid hitting the economy, SBI Cards is again standing at the crossroads. The potential fall in spending poses a challenge to SBI Cards. In the near term, consumption spend will be much less...

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