Gautham Shetty

1) SBI Cards reported impressive Q1 results despite a lockdown period. Company reported Q1 Net revenue for the first quarter of Rs1137cr (up 52% YoY), Net profit Rs393cr (up 14% YoY), SBI Card approved Rising Rs1500cr via NCD over a year, SBI Card Moratorium accounts 1.5lakh in June vs 12.5 lakh in May, GNPA 1.35% vs 2.68% (YoY), operating profit Rs528cr (down 1% YoY) and provision coverage 68% vs 72% (YoY). 2) India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry. The first part of the plan would be to sell majority stakes in Bank of India, Central Bank of India, Indian Overseas Bank, UCO Bank, Bank of Maharashtra and Punjab & Sind Bank, leading to an effective privatisation of these state-owned lenders, a government official said. #MOMarketUpdates #Governmentbank #SBIcards #BankofIndia #Privatisation