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SBI Cards Q3FY21: Environment remains uncertain but worst behind us, says management

Updated : January 25, 2021 01:04 PM IST

SBI Cards and Payment Services Ltd last Thursday reported nearly 52 percent dip in its net profit to Rs 210 crore in the third quarter ended December 2020, on higher provisioning.

The pureplay credit card company's, promoted by SBI, asset quality improved in Q3 of FY21 but revenue was weak.

Speaking in an interview to CNBC-TV18, Ashwini Kumar Tewari, MD & CEO of the company said, “We have provided by the Reserve Bank of India (RBI) resolution book, 33 percent of which was between 30 and 90 days overdue though none of it was NPA. So we remain hopeful; the environment is still uncertain but we feel that the worst is behind us and from hereon we will have better numbers to show.”

“Spend has come back in both retail and corporate but the difference is that the cases are different; earlier travel, entertainment, hotel, restaurants used to be a significant portion. However, newer categories like apparels, jewellery, white goods have come in and I believe that these will stay and once the travel and entertainment sector comes back, we are in for a good times in terms of spends. We will see sharp uptick in spends going forward,” he said.

For more management commentary, watch the video.
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