实时全球研报
1Q27: Credit cost moderation continues; Asset growth recovery awaited
研报英文原文证据摘录
1Q27: Credit cost moderation continues; Asset growth recovery awaited
iQprofile SM SBI Cards
Key Income Statement Data (Mar) 2025A 2026A 2027E 2028E 2029E Company Sector
(Rs Millions) Financial Services-Consumer/Commercial
Net Interest Income 61,689 68,296 67,333 73,063 84,008
Net Fee Income 80,029 91,662 103,198 116,344 133,099
Securities Gains / (Losses) NA NA NA NA NA Company Description Other Income 7,320 9,543 11,442 14,098 16,595
Total Non-Interest Income 87,348 101,205 114,640 130,442 149,694 SBI Cards and Payment Services Limited (SBIC) started its
Total Operating Income 149,038 169,500 181,973 203,504 233,703 operations in 1998 as a JV between SBI and GE Capital. GE
Operating Expenses (80,066) (97,605) (107,371) (118,975) (134,993) Capital's ownership stake in SBIC was acquired by SBI and
Pre-Provision Profit 68,972 71,896 74,602 84,529 98,710 the Carlyle Group in 2017. Effective from April 1, 2018, SBI
Provisions Expense (43,165) (42,764) (33,203) (38,533) (41,931)
Business Process and Management Services Pvt Ltd
Operating Profit 25,807 29,132 41,399 45,996 56,779
Non-Operating Income NA NA NA NA NA (SBIBPMSL), an entity that provided back-end payment and
Pre-Tax Income 25,807 29,132 41,399 45,996 56,779 processing services to SBIC, was merged into SBIC. SBIC
Net Income to Comm S/Hold. 19,164 21,667 30,791 34,210 42,230 also acts as corporate insurance agent for selling insurance
Adjusted Net Income (Operating) 19,188 21,746 30,869 34,288 42,308 policies to credit card customers
Key Balance Sheet Data
Total Assets 655,458 663,278 751,113 792,813 875,157
Average Interest Earning Assets 515,068 544,595 573,830 627,897 690,956 Investment Rationale
Weighted Risk Assets 704,197 163,784 231,023 178,704 246,421 Our Underperform rating on SBIC is premised on (i)
本摘录由系统从所标注的 PDF 证据页直接提取并保留英文原文，不做批量翻译；登录后在阅读器切换中文时才按需翻译。
打开研报阅读器