The shares of the leading credit card issuer gained up to 2 percent after the company partnered with Tata Group company to launch credit cards.
With a market capitalization of Rs 66,658.14 crore, the shares of SBI Cards and Payment Services Ltd were trading at Rs 701.00 per share, increasing around 1.23 percent as compared to the previous closing price of Rs 692.50 apiece.
According to the company filing, SBI Cards and Payment Services Ltd came into partnership with Titan Company Limited to launch the Titan SBI Card which will offer cardholders over Rs 2,00,000 worth of benefits annually and for every approved card, a tree will be planted by Titan Company Limited and SBI Card.
Moreover, the Titan SBI Card will offer 7.5% cashback on Titan in the watches category; Taneira in the women’s ethnic wear category; Titan EyePlus in the eyewear category; and other non-jewellery Titan brands. The card which is also a first of its kind in the jewellery sector ensures that jewellery shopping becomes exciting and equally rewarding affair for customers.
Looking into SBI Cards and Payment Services Ltd, the company’s revenue increased by 32 percent, from Rs 3,507 crore in Q3FY23 to Rs 4,621 crore in Q3FY24. During the same period, net profit increased by 8 percent, from Rs 509 crore to Rs 549 crore.
SBI Cards and Payment Services Ltd. reported return ratios in the recent financial year with a return on equity (ROE) of 25.7 percent and a return on capital employed (ROCE) of 13.0 percent.
SBI Cards and Payment Services Ltd’s recent shareholding pattern, The Promoters of the company own 68.75 percent while Retail shareholders own a 5.62 percent stake in the company, and Foreign Institutional Investors own a 9.35 percent stake.
SBI Cards and Payment Services Limited is a systemically significant nonbanking financial organization that does not accept deposits and is registered with the RBI. The company provides credit cards to people in India. It is based in Gurgaon, Haryana. It is a subsidiary of India’s largest commercial bank, State Bank of India.
Written by:- Abhishek SIngh
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