External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

SBI Cards & Payment Services / Equity Bottom-Up

<p>About the stock: SBI Cards is subsidiary of State Bank of India (69.3% stake) and is second largest credit card issuer in India.</p><ul><li>Market share in terms of cards issued is 19.2% and spends is 19.4%</li><li>High margin business with strong return ratios, +5% RoA and +25% RoE</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: SBI Cards is subsidiary of State Bank of India (69.3% stake) and is second largest credit card issuer in India.Market share in terms of cards issued is 19.2% and spends is 19.4%High margin business with strong return ratios, +5% RoA and +25% RoEContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SBI Cards and Payment: Return to Normalcy to Propel Business Growth

India

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

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SBI Cards and Payment: Return to Normalcy to Propel Business Growth

SBI Cards is subsidiary of State Bank of India (69.3% stake) and is second largest credit card issuer in India. Market share in terms of cards...

ICICI Securities Limited