SBICARD reported in-line performance, characterized by sharp growth in spending (47% YoY), while PAT grew 84% YoY to INR3.86b (MOSLE: INR4b). PPOP grew 23% YoY, aided by steady revenue growth (5% beat). Margins stood at 14% (14.1% in 2QFY22), and the management indicated the revolve rate has bottomed out. Retail and corporate spending grew robustly at 36% YoY and 93% YoY, respectively. The GNPA ratio moderated 96bp QoQ to 2.4%, while NNPA declined 8bp QoQ to 0.8%. PCR declined 780bp QoQ to 66%, with the RBI-RE book...