Shares of SBI Cards and Payment Services Ltd hit a fresh 52-week high on Thursday after global brokerage Macquarie upgraded the stock to 'outperform'. It also raised its price target to Rs 1,000. SBI Cards stock rose 6.13% to Rs 866.85 today against the previous close of Rs 816.75 on BSE. SBI Cards shares are trading higher than 5-day, 10 day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages.
The stock is up 19.66 per cent in a year and risen 27.25 per cent in 2025. Total 2.90 lakh shares of the firm changed hands amounting to a turnover of Rs 24.80 crore on BSE. Market cap of the firm rose to Rs 82,101 crore.
Macquarie said channel checks indicate credit card slippages are plateauing and it expects credit costs to start falling materially in the next two quarters. Other catalysts include falling rates, easing liquidity and tax cuts
Catalysts for SBI's arm include RBI's incrementally softer stance towards unsecured loans. The brokerage cut its earnings estimates by 13-15 percent for FY25-27 led by slower loan growth, NII & fees, said the global brokerage.
The firm said a meeting of Board of Directors is scheduled to be held on Monday, February 17, 2025, inter alia, to consider declaration and payment of the Interim Dividend, if any, on the Equity Shares of the Company, for the financial year 2024-25.
The firm also fixed February 25, 2025 as the 'Record Date' for the purpose.
SBI Card and Payment Services reported a 30% year-on-year fall in its consolidated net profit for the December quarter (Q3 FY25. Net profit stood at Rs 383.2 crore in the last quarter against Rs 549.1 crore in Q3 FY24.
Consolidated revenue from operations climbed 1% to Rs 4,767 crore in Q3 compared to Rs 4,742 crore in the same period last year. Net interest income (NII) slipped 3.5% Rs 3,790.1 crore in Q3 from Rs 3,926.2 crore a year ago.