SBI Chairman Dinesh Khara steps down from directorship of SBI Cards

SBI Cards and Payment Services Chairman of the Board and Non-executive Director Dinesh Khara has stepped down from the directorship of the company with effect from today after completing his term as the Chairman of State Bank of India (SBI).

"Consequent upon the completion of my term, I am demitting the office of Chairman, State Bank of India, as at the close of business today. I am therefore, submitting my resignation as a Director on the Board of SBI Cards & Payment Services Ltd. I take this opportunity to extend my deepest gratitude to all my colleague Board members, the management team and all the stakeholders of the company for their collaboration and constructive support over the years," Khara said in his resignation letter which was shared with the exchanges.

SBI Cards shares today ended at Rs 736.65 on the BSE, up by Rs 16.40 or 2.28% over the Monday closing price.


SBI Card and Payment Services had reported a profit after tax of Rs 594.45 crore for the quarter ended June 30, 2024, which was flat on a year-on-year basis, while witnessing a 10% fall on a quarter-on-quarter basis versus Rs 662.37 crore.

The revenue from operations for the reported quarter stood at Rs 4,359 crore, up 11% on YoY versus Rs 3,912 crore in the corresponding quarter of the last financial year. It was flat on a QoQ basis.

The interest income of SBI Card stood at Rs 2,243 crore in Q1FY25 up by 24% YoY and 5% QoQ.

The company's earnings before credit cost stood at Rs 1,900 crore, up 25% on a QoQ basis. It witnessed a 4% QoQ uptick.

The company reported April-June quarter provisions at Rs 132 crore up by 63% on a QoQ basis versus Rs 81 crore in Q4FY24.

Also Read: Rocket Returns: This Madhusudhan Kela and Sunil Singhania-owned smallcap stock has rallied 45% since April QIP

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)