Name: Latest research reports of SBI Cards and Payment Services Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: SBI Cards and Payment Services Ltd.
Rating: 5
Author: ICICI Securities Limited

Sequential improvement in key business parameters

Buy: SBI Cards and Payment Serv...

Target

ICICI Securities Limited

Q3FY22 performance of SBI Cards (SBIC) was directionally strong in terms of
gross account additions (1mn), spending growth (46% QoQ) and asset quality
(credit cost/GNPA of 9.0%/2.4% vs 9.3%/3.4% in Q2FY22). The activation rates
(30-day) are also high at 52% in Q3FY22 vs 50% in Q2FY22. Maintain buy with share price target of Rs. 1060