'SBI Cards & Payment Services conducted a conference call on 26 July 2024 to discuss
its financial results for the quarter ended June 2024. Abhijit Chakravorty,
MD&CEO addressed the call:
Highlights:
India's credit card market has already crossed 100
million outstanding credit cards end June 2024. Monthly credit monthly card
spends have also reached Rs 1.58 lakh crore in June 2024.
As the credit card industry exhibits promising
growth opportunities, SBI card continues to be the beneficiary as well as one
of the key contributors.
The company has recorded 11% growth in the cards in
force to 1.92 crore end June 2024. The company continues to be the second
largest credit card issuer in the country with market share at 18.5%.
During Q1FY2025, new account acquisition was at
9.04 lakh enabling net new card addition to be at 3.5 lakhs which is 17.4% of
the industry.
Banca channel contributed 42% of new account...
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