Tag: sbi card

With a market-capitalisation (m-cap) of Rs 1.02 trillion, the State Bank of India-arm SBI Cards and Payment Services today(19th February 2021) stood at 34th position in the overall m-cap ranking, BSE data showed. The firm’s m-cap is now more than that of Tata Motors, Shree Cement, and JSW Steel. With the government's push towards digitalisation, coupled with developments in e-commerce and growth in POS infrastructure, India is gradually shifting towards a cashless economy. This and recovery from the Covid-19 pandemic are some of the factors fuelling the rally in the stock price, analysts say. “With the focus now on growth, SBI Cards will be an early beneficiary as the economy recovers on the back of being a play on rising discretionary spends and non-cash economy, the broad reach of parent SBI, under-utilised captive Banca potential, and leadership in co-branded cards,” says an expert. Read more

The Country's largest lender State Bank of India on Friday reported an over four-fold jump in net profit at Rs 3,580.81 crore for the March quarter compared with Rs 838.40 crore in the same quarter last year supported by a one-time gain of Rs 2,731.34 crore from the stake sale in SBI Cards done during the quarter. The profit grew 326.93 per cent from Rs 838 crore clocked in the year-ago quarter. On a consolidated basis, the bank’s net profit came in at Rs 6,909.95 crore. Total provisions and contingencies for the quarter fell to Rs 13,495 crore compared with Rs 16,501.8. For the full year FY20, net profit stood at Rs 14,488 crore, as against a net profit of Rs 862 crores in FY19. This was the bank's highest-ever yearly profit. Net interest income declined 0.8 per cent year-on-year to Rs 22,766 crore in the quarter ended March 2020 due to moderate loan growth at 6.4 per cent YoY. Domestic net interest margin dipped to 2.94 per cent in Q4FY20, down 8 bps YoY and 65 bps QoQ. Read more

The first big IPO of 2020 is also one of the most awaited. Top lender State Bank of India said the issue of SBI Cards will open for subscription on March 2 and close on March 5 and payment Services has been fixed in the price range of Rs 750-755 per share. The IPO comprises a fresh issue of Rs 500 crore, while the offer for sale would see the promoters offload 13 crore shares. At the higher end of the price band, the SBI Cards IPO is expected to raise around Rs 9,000 crore, making it the fifth-largest IPO so far. An employee discount of Rs 75 per share will be offered to eligible employees, said SBI in a regulatory filing on Tuesday. The bid lot for the IPO has been finalized to 19 shares and in multiples thereafter.