SBI Cards appoints Ashwini Kumar Tewari as new MD & CEO

SBI Cards & Payment Services on Thursday (16 July) said Ashwini Kumar Tewari will replace Hardayal Prasad as managing director & CEO of the company with effect from 1 August 2020.

The company appointed Ashwini Kumar Tewari as the managing director (MD) and chief executive officer (CEO) of the company from 1 August 2020 for a period of 2 years.

The firm approved resignation of Hardayal Prasad, MD & CEO with effect from the close of business hours of 31 July 2020, owing to his voluntary retirement from the State Bank of India.

Shares of SBI Cards and Payment Services jumped 3.23% to Rs 714.25.

SBI Cards reported a 66.4% decline in net profit to Rs 83.54 crore in Q4 March 2020 (Q4 FY20) compared with net profit of Rs 248.73 crore in Q4 March 2019 (Q4 FY19). Total income rose 20.9% to Rs 2,510.39 crore in Q4 FY20 as against Rs 2,076.25 crore in Q4 FY19.

SBI Cards offer extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle.

State Bank of India owns 69.51% stake in the company.

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