External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

SBI Cards & Payment Services / Equity Bottom-Up

SBI Cards & Payment Services (SBICARD IN)

<div><div><div><ul><li>Earnings profile continues to improve: SBI Cards reported strong PPOP growth (+34% YoY) on the back of strong fee income (+28% YoY) and improving cost efficiency.</li></ul><div><div><div><ul><li>Releveraging of balance sheet slower than expected: The share of revolve in the loan mix reduced further to 25% (Q4FY21: 28%), driving NIMs lower.</li></ul><div><div><div><ul><li>Reversion to steady state to drive high return ratios: SBI Cards delivered RoA/RoE of 7/30% in Q4FY22 despite muted NII due to lower credit costs.</li></ul></div></div></div></div></div></div></div></div></div><p><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></p>

Earnings profile continues to improve: SBI Cards reported strong PPOP growth (+34% YoY) on the back of strong fee income (+28% YoY) and improving cost efficiency.Releveraging of balance sheet slower than expected: The share of revolve in the loan mix reduced further to 25% (Q4FY21: 28%), driving NIMs lower.Reversion to steady state to drive high return ratios: SBI Cards delivered RoA/RoE of 7/30% in Q4FY22 despite muted NII due to lower credit costs.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.

SBI Cards and Payment Services - Releveraging of Portfolio Remains WIP