SBI Card today has set commendable benchmarks in the industry and is at par with someof the best credit card issuance companies in India and across the globe.
FY21 will be remembered in the history for worldwide pandemic leading to anunprecedented environment and uncertainty. Adaptability agility and continuouscalibration of operations was the only way to ensure sustainable business operations. Iwish to convey my heartfelt gratitude to all the employees and management team at SBI Cardwho rose to the challenge. Your relentless commitment and efforts enabled the company tonavigate effectively even during this phase. We possibly have overcome the toughest phase;however it is not completely normal and hence I urge you to diligently follow Coviddiscipline and stay safe.
Covid-19 pandemic has caused unforeseen damage to economies across the world. Thedirect impact of the lockdown social distancing job losses disruption of supply chainsincreased uncertainty in business operations and rapid changes in consumer behaviour haveresulted in a 7.3% decline of the Indian Economy in the year under review. Rapidunemployment along with social and economic inequality may well prevail for some moretime in the post-pandemic period while the countrywide vaccination program has beenintensified offering a ray of hope for citizens.
On a positive note onset of Covid-19 accelerated the adoption of digital payments. Thesurging need for varied digital payment methods also enabled us to attract tech-savvymillennials looking for newer and better experiences. As younger generations start theircareers they would be more likely to utilise mobile apps credit and debit cards forvarious requirements. Gradually investment in personal assets like homes vehicles orutilities are bound to grow and this is expected to lead to increase in the number ofconsumers using cards.
Our group has shown commendable resilience in a tumultuous year. Calibrated decisionshave helped us to navigate challenges with ease ensured value protection for all ourstakeholders along with the long-term sustainability of our business. We have alsoupdated our cyber security framework with a comprehensive information system security thatadheres to the highest regulatory standards. With many such measures along with thesupport of our partners and investors we have successfully maintained a robust businessmodel. We shall strive to continue delivering high quality services and exceedexpectations by focussing on growth prospects.
I am proud to present the company's strong performance despite the challenges andhardships borne in the last fiscal SBI Card delivered
Earnings before credit costs (EBCC) for Rs 4024 Cr in FY21 at YOY 10%. Afterabsorbing credit costs the company delivered profit after tax (PAT) for
H 985 Cr in FY21. We continue to maintain our leadership position in the market with anincrease in market share reflecting the strength of our business and robust financialposition.
Our motto is to Make Life Simple' for our customers and we stay committed tothis even in these difficult times.
We have endeavoured to meet the customers' growing need for new and innovativeservices. As per the need of the hour we offer various contactless solutions tofacilitate safe convenient and secure transactions anytime and from anywhere. Ourability to provide a seamless payment experience through value-added services enables usto streamline our operations and emphasize on key emerging spend categories.
SBI Card today has set commendable benchmarks in the industry and is at parwithsomeofthebestcreditcardissuance companies in India and across the globe. We understandour responsibility and are working tirelessly to deliver the finest services to our valuedpatrons.
Our digital capabilities developed over the last few years enabled a comprehensivetransformation in all our customer-facing touchpoints ensuring that the core services aredelivered while safeguarding our employees data systems and assets. To foster a fastadaptation to WFH culture and ensure safety of our workforce our VPN infrastructure wasscaled up to accommodate over 5000 users who could work securely during the pandemic. Wealso enabled the access of SBI Card Private Cloud based dialer allowing agents to workremotely to support the Customer Services and Collections functions.
SBI Card will continue to move forward with the values of trust transparency and astrong lineage. We aspire to be the best in the Indian credit card industry and ourstatus as the only listed credit card issuing company in India demonstrates our strengthin this space.
We are confident that our superior risk and data analytics capabilities will help uscreate a differentiated value for all the stakeholders in the ecosystem.
In conclusion I thank all our stakeholders for their support and trust in ourabilities. I also extend my appreciation to all our employees and fellow managementleaders for showing tremendous resolve ingenuity and perseverance. Without theirdedication and overwhelming effort we could not have accomplished what we did this year.We shall continue to build on the lessons learnt while pursuing our journey towardsgrowth and innovation.
|Warm Regards |
|Dinesh Kumar Khara |
|Chairman SBI Card |