SBI Card Profit Rises 14 Percent on Better Asset Quality
The credit card issuer reported a fourth quarter profit of 6.09 billion rupees today as total card spending jumped 31 percent. Bad loan charges fell significantly.
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India's leading credit card issuer, SBI Cards and Payment Services, reported a 14% increase in fourth-quarter profit on Monday, bolstered by a significant improvement in asset quality and a surge in consumer spending. The company, a subsidiary of the STATE BANK OF INDIA, has successfully navigated a period of rising delinquencies by tightening its underwriting standards over the past several quarters.
