'SBI Cards & Payment Services conducted a conference call on 29 October 2024 to discuss its financial results for the quarter ended September 2024. Abhijit Chakravorty, MD&CEO addressed the call:
Highlights:
The company continues to be selective and focus on quality of new customer acquisition. The card base of the company has increased by 10% to 1.96 crore end September 2024.
The new card acquisition was at 9 lakh in Q2FY25. The company expects new card acquisition to be in this range in the near term.
The company remains the second largest credit card player by number of cards in force and third largest player by the card spends.
The market share in cards base stands at 18.5%, while the cards acquisition through banca accounted for 41% and the open market for 59%.
The retail spends increased to Rs 76000 crore and overall spends rose 3% to Rs 81893 crore in Q2FY2025. The corporate spends stood at Rs 5495 crore.
The market...
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