SBI Cards I Credit Suisse initiates outperform rating with price target of Rs 1250
Credit Suisse believes that there is a large untapped opportunity for SBI Cards in India. It says SBI Cards is seeing strong growth here. India has seen a strong rise in digital adoption in the past few years and post COVID-19, we expect this to accelerate. Credit card penetration remains low at 4%, with credit card debt to GDP at 0.6% and spends at < 4% of GDP, significantly lower vs other countries.
SBI Cards has seen strong market share gains, with the share of spends and cards in force now 20% vs < 15% in FY16. Credit Suisse initiates outperform rating with price target of Rs 1250: Reuters