'
SBI Cards & Payment Services conducted a conference call on 27 October 2023
to discuss its financial results for the quarter ended September 2023. Abhijit Chakravorty,
MD&CEO addressed the call:
Highlights:
The
digital economy is a playing major role in the economy with 58% jump in the
digital payments. The government expects the share of digital payments to
increase to 20% of GDP by FY2026.
The
credit card outstanding has increased by 30% to Rs 2.18 lakh crore and
September 2023
The
credit cards base has increased to 93 million end August 2023. The credit card
spends has touched an all time high of Rs 1.48 lakh crore in August 2023.
The company
has added 5.3 lakh cards on net basis, while the total new accounts addition was
at 11.4 lakh. The company has witnessed reduction in the attrition in the customers
over a year ago, but rose on sequential basis due to KYC related issues.
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