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Despite the Covid-19 impact, SBI Cards and Payment Services Ltd. managed to clock flattish revenues in FY21 with improvement in spend, card market share from 17.9%-18.3% in FY20 to 19.5-19% in FY21 (up to February 2021, expected to improve in March 2021).
Considering the unique impact of lockdowns and consequent payment moratoriums in FY21, the elevated credit cost (11% in FY21) is expected to decline hereon.
While the card addition, yield, spend and receivable mix remains impacted due to the pandemic, the company is now better prepared to make a calibrated journey post the experience in FY21.
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