- SBI Cards and Payment Services Ltd is set to discuss and approve raising ₹5,000 crore through non-convertible debentures (NCDs) in a board meeting on September 18, 2024.
- Funds will be raised via private placement in one or more tranches.
Key Financial Updates:
- Q1 FY25 Profit: ₹594.5 crore, a 0.2% YoY increase.
- Revenue: ₹4,358.6 crore, up 11.4% YoY.
- Cards in Force: 1.92 crore, up 11%.
- Consumer Spending Growth: 4%, reaching ₹77,129 crore.
- Receivables Growth: 22%, now at ₹52,705 crore.
Despite strong performance, the volume of new accounts declined to 904,000 in Q1 FY25 from 1,097,000 in Q1 FY24.