The second wave was more challenging than the first one last year with mutant varieties of the virus wreaking havoc across the country. Cost of funds at India’s second largest credit card company stood at 5.2% in the June quarter of FY22, down 27 basis points (bps) sequentially. Analysts at Motilal Oswal said that on account of a robust distribution and co-branded channels, SBI Card is well-placed to capitalize on growth opportunities, as the market remains significantly underpenetrated. The credit card company witnessed an improvement in asset quality, with gross NPA ratio at 3.91% as on 30 June, as against 4.99% at the end of the March quarter. “SBI Card reported a steady Q1FY22, amid a challenging environment, supported by lower provisions.

Source: Mint July 25, 2021 06:33 UTC