#SBI cards in focus
#Q3FY25 #Q3FY25Results
@SBICard_Connect is set to release its quarterly results today

Expectations are as follows

Revenues to decline 4% yoy due to weak growth in non-interest income. NII growth is expected to be healthy at ~14% yoy on the back of ~20% yoy growth in receivables (share of revolvers likely to remain unchanged qoq). NIM to remain flat qoq . 

Non-interest income to decline sharply due to weak spend growth and mix (corporate spend slowdown). 

Provisions are expected to increase by ~30% yoy as incremental provisions due to elevated stress levels.

High provisions to continue, but we do believe that we could be reaching a period where the stress levels may not have deteriorated further. 

Key monitorable would be the outlook on credit costs.