Rating Rationale
July 05, 2024 | Mumbai
 
SBI Cards and Payment Services Limited
Ratings reaffirmed at 'CRISIL AAA/Stable/CRISIL A1+'; Rated amount enhanced for Bank Debt
 
Rating Action
Total Bank Loan Facilities Rated Rs.51000 Crore (Enhanced from Rs.42300 Crore)
Long Term Rating CRISIL AAA/Stable (Reaffirmed)
Short Term Rating CRISIL A1+ (Reaffirmed)
 
Non Convertible Debentures Aggregating Rs.9750 Crore (Reduced from Rs.10705 Crore) CRISIL AAA/Stable (Reaffirmed)
Lower Tier II Bonds Aggregating Rs.3800.2 Crore CRISIL AAA/Stable (Reaffirmed)
Rs.34000 Crore Commercial Paper CRISIL A1+ (Reaffirmed)
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

 

Detailed Rationale

CRISIL Ratings has reaffirmed its ‘CRISIL AAA/Stable/CRISIL A1+’ ratings on the debt instruments and bank facilities of SBI Cards and Payment Services Ltd (SBI Cards).

 

CRISIL Ratings has withdrawn its rating on Rs 955 crore non-convertible debentures as these have been repaid on maturity. The withdrawal is in line with the withdrawal policy of CRISIL Ratings. (Refer to annexure for details of rating withdrawn.)

 

The ratings factor in continued support from majority shareholder, State Bank of India (SBI; ‘CRISIL AAA/CRISIL AA+[1]/Stable/CRISIL A1+’), on ongoing basis as well as in the event of distress. Majority ownership and shared brand imply a strong moral obligation on SBI to continue supporting SBI Cards in meeting debt obligation in a timely manner.

 

The standalone credit risk profile of SBI Cards is supported by its improving market position. The company is the second-largest player in the credit card industry with 1.89 crore cards-in-force (CIF), and market share of 18.6% as on March 31, 2024. Profitability is above average, with return on assets (RoA) of 4.6% in fiscal 2024 and 5.6% in fiscal 2023. While RoA is healthy, profitability remains susceptible to asset quality challenges because of the unsecured loan book.

 

Following the recent revision in risk weights by the Reserve Bank of India through its circular dated November 16, 2023, the capital adequacy ratio of the company declined to 18.4% as on December 31, 2023, from 23.3% as on September 30, 2023. However, the same has improved to 20.5% as on March 31, 2024, led by a tier II issuance done in fourth quarter of last fiscal.

 

Gross non-performing assets (GNPAs) inched up to 2.76% as on March 31, 2024, from 2.35% as on March 31, 2023, driven by increase in delinquencies across overdue buckets. Ability of the company to manage collection and asset quality, in light of risks inherent in the credit card business, will be a key monitorable over the medium term.

[1] The ratings pertain to tier-I bonds (under Basel III)

Analytical Approach

CRISIL Ratings has considered the standalone business and financial risk profiles of SBI Cards. The ratings factor in strong support from the parent, SBI, considering the strategic importance of SBI Cards, the parent’s majority shareholding and their common brand.

Key Rating Drivers & Detailed Description

Strengths:

  • Expectation of strong support from SBI: A credit card is an integral product offering of a bank. SBI Cards houses the credit card business of SBI, and hence, it is strategically important to the latter. The company receives strong financial, managerial and branding support from the parent on ongoing basis. It benefits from the strong customer franchisee of SBI, commanding a premium in the co-branded card segment. SBI has infused growth capital in SBI Cards. As on March 31, 2024, SBI held 68.6% stake in the company and will continue to hold majority stake over the medium term. SBI deputes its senior management in SBI Cards, guides strategic decisions and monitors operations. However, the company has substantial autonomy in decision-making. The parent will provide strong support to SBI Cards both on ongoing basis and in the event of distress.

 

  • Improving market position: The CIF growth of the company has been faster than that of the industry in the past few fiscals; its market share in terms of CIF grew to 18.6% as on March 31, 2024 (19.7% as on March 31, 2023), from 15.3% as on March 31, 2017. SBI Cards is the second-largest credit card player by CIF and remains among top three players by spends. Gross card receivables stood at Rs 50,846 crore as on March 31, 2024, compared with Rs 40,722 crore as on March 31, 2023. Market share will improve over the medium term because of the company’s ability to tap into SBI’s large clientele and distribution network.

 

  • Profitability, despite momentary moderation, remains strong: RoA (calculated) averaged 5% over the five fiscals through 2024, supported by healthy net interest income and strong fee income. However, for fiscal 2024, RoA moderated to 4.6% from 5.6% in fiscal 2023 owing to revision in regulation pertaining to event/instance-based fee income, increased credit cost and increase in cost of funds. Fee income as a percentage of total assets reduced to 18.4% in fiscal 2024 from 20.3% in fiscal 2023 and 20.9% in fiscal 2022. Also, credit cost inched up to 6.3% in fiscal 2024 after improving in the last fiscals. Nonetheless, profitability remains above-average supported by net interest margin of 10.3%. Over the medium term, while the company’s strong market position in the credit card segment will support its operating margin, ability to support asset quality metrics will remain critical.

 

Weakness:

  • Susceptibility to risks inherent in the credit card business: The entire loan book is unsecured; thus, the portfolio is inherently risky. Asset quality deteriorated in the aftermath of the Covid-19 pandemic, with GNPAs surging to 4.99% as on March 31, 2021, from 2.01% as on March 31, 2020. However, GNPAs increased to 2.76% as on March 31, 2024, from 2.35% as on March 31, 2023.

 

The management has taken several measures, including tighter credit policies, higher sourcing from bank channels, increased income cut-offs for new accounts and lower credit limits to risky customers. It has also made adequate provisions. Nevertheless, ability to maintain asset quality and profitability will remain a key monitorable.

Liquidity: Superior

As on March 31, 2024, the company had cumulative positive mismatch in all time buckets because of the short tenure of assets. It had cumulative outflow of Rs 33,563 crore (upto 12 month bucket), against inflow of Rs 40,823 crore against same buckets as on said date. Moreover, it had unutilised bank lines of Rs 7,340 crore as on March 31, 2024.

 

ESG profile

The environment, social and governance (ESG) profile of SBI Cards supports its strong credit risk profile.

 

The ESG profile of financial institutions typically factors in governance as a key differentiator. The sector has reasonable social impact because of its substantial employee and customer base, and it can play a key role in promoting financial inclusion. While the sector does not have direct adverse environmental impact, lending decisions may have a bearing on the environment and other sustainability factors.

 

SBI Cards has demonstrated an ongoing focus on strengthening various aspects of its ESG profile.

 

Key ESG highlights:

  • SBI Cards installed light-emitting diode (LED) lights across 3 lakh square feet of offices and installed smart printers to limit unwanted prints. Furthermore, it installed sensors to auto control them to optimise energy consumption. The company has adopted paperless communication with customers, such as statements on e-mail, SMS and eKits. It has also implemented a process for paperless purchase orders (POs) and issued 9.5 thousand POs digitally.
  • The company is actively setting up waste management units and rainwater harvesting systems across various branches, offices and other establishments.
  • Women comprised 27% of the total employees and 18% of senior management as on March 31, 2023. One board member out of nine is a woman.
  • The company has 56% of board members as independent directors, with a split in the chairperson and executive positions and an extensive investor grievance redressal mechanism and disclosures in place

 

There is growing importance of ESG among investors and lenders. The commitment of SBI Cards to ESG will play a key role in enhancing stakeholder confidence, given the substantial share of foreign investors as well as access to domestic capital markets.

Outlook: Stable

SBI Cards will continue to benefit from the financial and managerial support of the parent and strong brand. Its market position will improve over the medium term while profitability will be sustained.

Rating Sensitivity factors

Downward factors

  • Downgrade in the rating of SBI may result in a similar rating action on the company
  • Material change in the shareholding (below 50%) or support philosophy of SBI

About the Company

SBI Cards is the second-largest player (by CIF) in the credit card business with 1.89 crore CIF and market share of 18.6% as on March 31, 2024. Spend for fiscal 2024 was Rs 329,589 crore, compared with Rs 262,498 crore in fiscal 2023 (Rs 186,353 crore in fiscal 2022). Networth stood at Rs 12,084 crore as on March 31, 2024.

 

Profit after tax (PAT) was Rs 2,408 crore on total income (net of finance cost) of Rs 14,888 crore in fiscal 2024, as against Rs 2,258 crore on Rs 12,638 crore, respectively, in fiscal 2023. ROA (calculated) stood at 4.6%, compared with 5.6% during the said period.

Key Financial Indicators

As on / for the period ended

Unit

March 2024

March 2023

Total assets

Rs crore

58,171

45,546

Total income (net of finance cost)

Rs crore

14,888

12,638

PAT

Rs crore

2,408

2,258

Gross stage 3 assets

%

2.76

2.35

Gearing

Times

3.3

3.2

RoA (calculated)

%

4.6

5.6

Any other information: Not Applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs.Crore) Complexity Rating assigned with outlook
NA Non-convertible debentures* NA NA NA 4940 Simple CRISIL AAA/Stable
NA Lower tier II bonds* NA NA NA 1925.2 Complex CRISIL AAA/Stable
INE018E08342 Lower tier II bonds 24-Jan-2024 8.33% 24-Jan-2034 525 Complex CRISIL AAA/Stable
INE018E08359 Lower tier II bonds 28-Feb-2024 8.29% 28-Feb-2034 750 Complex CRISIL AAA/Stable
INE018E08144 Lower tier II bonds 29-Jan-2019 9.55% 29-Jan-2029 250 Complex CRISIL AAA/Stable
INE018E08169 Lower tier II bonds 12-Jun-2019 8.99% 12-Jun-2029 100 Complex CRISIL AAA/Stable
INE018E08300 Lower tier II bonds 30-Jun-2022 8.25% 30-Jun-2032 250 Complex CRISIL AAA/Stable
INE018E08193 Non-convertible debentures 26-Feb-2020 7.40% 25-Feb-2025 300 Simple CRISIL AAA/Stable
INE018E08227 Non-convertible debentures 22-Dec-2020 6.00% 22-Dec-2025 450 Simple CRISIL AAA/Stable
INE018E08268 Non-convertible debentures 17-Aug-2021 5.70% 16-Aug-2024 500 Simple CRISIL AAA/Stable
INE018E08276 Non-convertible debentures 15-Nov-2021 5.75% 14-Nov-2024 500 Simple CRISIL AAA/Stable
INE018E08284 Non-convertible debentures 24-Dec-2021 5.82% 24-Dec-2024 650 Simple CRISIL AAA/Stable
INE018E08292 Non-convertible debentures 03-Jun-2022 7.51% 03-Jun-2025 750 Simple CRISIL AAA/Stable
INE018E08318 Non-convertible debentures 15-Sep-2022 7.39% 15-Sep-2025 500 Simple CRISIL AAA/Stable
INE018E08326 Non-convertible debentures 14-Nov-2022 7.90% 14-Nov-2025 350 Simple CRISIL AAA/Stable
INE018E08334 Non-convertible debentures 17-May-2023 7.85% 17-May-2028 810 Simple CRISIL AAA/Stable
NA Commercial paper NA NA 7 to 365 Days 34000 Simple CRISIL A1+
NA Cash Credit & Working Capital Demand Loan NA NA NA 33990 NA CRISIL AAA/Stable
NA Bank guarantee NA NA NA 10 NA CRISIL A1+
NA Term Loan NA NA 28-Jun-2025 500 NA CRISIL AAA/Stable
NA Term Loan NA NA 21-Apr-2027 500 NA CRISIL AAA/Stable
NA Term Loan NA NA 20-Jan-2026 500 NA CRISIL AAA/Stable
NA Term Loan NA NA 21-May-2026 500 NA CRISIL AAA/Stable
NA Term Loan NA NA 27-Mar-2026 250 NA CRISIL AAA/Stable
NA Term Loan NA NA 03-Jul-2026 475 NA CRISIL AAA/Stable
NA Term Loan NA NA 28-Jul-2026 250 NA CRISIL AAA/Stable
NA Term Loan NA NA 22-May-2026 250 NA CRISIL AAA/Stable
NA Term Loan NA NA 22-May-2026 475 NA CRISIL AAA/Stable
NA Term Loan NA NA 24-Dec-2026 500 NA CRISIL AAA/Stable
NA Term Loan NA NA 18-Mar-2027 500 NA CRISIL AAA/Stable
NA Term Loan NA NA 30-Mar-2027 500 NA CRISIL AAA/Stable
NA Term Loan NA NA 30-Jul-2027 1000 NA CRISIL AAA/Stable
NA Proposed Long term bank loan facility NA NA NA 10800 NA CRISIL AAA/Stable

*Yet to be issued

Note: This instrument table is as on date.

 

Annexure- Details of Rating Withdrawn

ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs.Crore) Complexity Rating assigned with outlook
INE018E08243 Non-convertible debentures 10-May-2021 5.70% 10-May-2024 455 Simple Withdrawn
INE018E08250 Non-convertible debentures 14-Jun-2021 5.55% 14-Jun-2024 500 Simple Withdrawn
Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 50990.0 CRISIL AAA/Stable 07-06-24 CRISIL AAA/Stable 11-12-23 CRISIL AAA/Stable 05-08-22 CRISIL AAA/Stable 20-05-21 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 30-04-24 CRISIL AAA/Stable 30-10-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- CRISIL AAA/Stable
      -- 27-03-24 CRISIL AAA/Stable 22-09-23 CRISIL AAA/Stable 29-03-22 CRISIL AAA/Stable   -- --
      -- 03-01-24 CRISIL AAA/Stable 28-06-23 CRISIL AAA/Stable 25-02-22 CRISIL AAA/Stable   -- --
      --   -- 24-05-23 CRISIL AAA/Stable 07-01-22 CRISIL AAA/Stable   -- --
      --   -- 23-05-23 CRISIL AAA/Stable   --   -- --
      --   -- 24-04-23 CRISIL AAA/Stable   --   -- --
      --   -- 22-03-23 CRISIL AAA/Stable   --   -- --
      --   -- 27-01-23 CRISIL AAA/Stable   --   -- --
Non-Fund Based Facilities ST 10.0 CRISIL A1+ 07-06-24 CRISIL A1+ 11-12-23 CRISIL A1+ 05-08-22 CRISIL A1+ 20-05-21 CRISIL A1+ --
      -- 30-04-24 CRISIL A1+ 30-10-23 CRISIL A1+ 31-03-22 CRISIL A1+   -- --
      -- 27-03-24 CRISIL A1+ 22-09-23 CRISIL A1+ 29-03-22 CRISIL A1+   -- --
      -- 03-01-24 CRISIL A1+ 28-06-23 CRISIL A1+ 25-02-22 CRISIL A1+   -- --
      --   -- 24-05-23 CRISIL A1+ 07-01-22 CRISIL A1+   -- --
      --   -- 23-05-23 CRISIL A1+   --   -- --
      --   -- 24-04-23 CRISIL A1+   --   -- --
      --   -- 22-03-23 CRISIL A1+   --   -- --
      --   -- 27-01-23 CRISIL A1+   --   -- --
Commercial Paper ST 34000.0 CRISIL A1+ 07-06-24 CRISIL A1+ 11-12-23 CRISIL A1+ 05-08-22 CRISIL A1+ 20-05-21 CRISIL A1+ CRISIL A1+
      -- 30-04-24 CRISIL A1+ 30-10-23 CRISIL A1+ 31-03-22 CRISIL A1+   -- --
      -- 27-03-24 CRISIL A1+ 22-09-23 CRISIL A1+ 29-03-22 CRISIL A1+   -- --
      -- 03-01-24 CRISIL A1+ 28-06-23 CRISIL A1+ 25-02-22 CRISIL A1+   -- --
      --   -- 24-05-23 CRISIL A1+ 07-01-22 CRISIL A1+   -- --
      --   -- 23-05-23 CRISIL A1+   --   -- --
      --   -- 24-04-23 CRISIL A1+   --   -- --
      --   -- 22-03-23 CRISIL A1+   --   -- --
      --   -- 27-01-23 CRISIL A1+   --   -- --
Lower Tier II Bonds LT 3800.2 CRISIL AAA/Stable 07-06-24 CRISIL AAA/Stable 11-12-23 CRISIL AAA/Stable 05-08-22 CRISIL AAA/Stable 20-05-21 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 30-04-24 CRISIL AAA/Stable 30-10-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- --
      -- 27-03-24 CRISIL AAA/Stable 22-09-23 CRISIL AAA/Stable 29-03-22 CRISIL AAA/Stable   -- --
      -- 03-01-24 CRISIL AAA/Stable 28-06-23 CRISIL AAA/Stable 25-02-22 CRISIL AAA/Stable   -- --
      --   -- 24-05-23 CRISIL AAA/Stable 07-01-22 CRISIL AAA/Stable   -- --
      --   -- 23-05-23 CRISIL AAA/Stable   --   -- --
      --   -- 24-04-23 CRISIL AAA/Stable   --   -- --
      --   -- 22-03-23 CRISIL AAA/Stable   --   -- --
      --   -- 27-01-23 CRISIL AAA/Stable   --   -- --
Non Convertible Debentures LT 9750.0 CRISIL AAA/Stable 07-06-24 CRISIL AAA/Stable 11-12-23 CRISIL AAA/Stable 05-08-22 CRISIL AAA/Stable 20-05-21 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 30-04-24 CRISIL AAA/Stable 30-10-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- --
      -- 27-03-24 CRISIL AAA/Stable 22-09-23 CRISIL AAA/Stable 29-03-22 CRISIL AAA/Stable   -- --
      -- 03-01-24 CRISIL AAA/Stable 28-06-23 CRISIL AAA/Stable 25-02-22 CRISIL AAA/Stable   -- --
      --   -- 24-05-23 CRISIL AAA/Stable 07-01-22 CRISIL AAA/Stable   -- --
      --   -- 23-05-23 CRISIL AAA/Stable   --   -- --
      --   -- 24-04-23 CRISIL AAA/Stable   --   -- --
      --   -- 22-03-23 CRISIL AAA/Stable   --   -- --
      --   -- 27-01-23 CRISIL AAA/Stable   --   -- --
All amounts are in Rs.Cr.
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Bank Guarantee 10 State Bank of India CRISIL A1+
Cash Credit & Working Capital Demand Loan 1050 The Hongkong and Shanghai Banking Corporation Limited CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 750 Central Bank Of India CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 1300 Bank of India CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 3800 Bank of Baroda CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 1600 Sumitomo Mitsui Banking Corporation CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 3000 Punjab National Bank CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 2500 HDFC Bank Limited CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 19990 State Bank of India CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 8700 Not Applicable CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 2100 Not Applicable CRISIL AAA/Stable
Term Loan 250 IDBI Bank Limited CRISIL AAA/Stable
Term Loan 4700 HDFC Bank Limited CRISIL AAA/Stable
Term Loan 250 The Hongkong and Shanghai Banking Corporation Limited CRISIL AAA/Stable
Term Loan 500 Punjab National Bank CRISIL AAA/Stable
Term Loan 500 Indian Bank CRISIL AAA/Stable
Criteria Details
Links to related criteria
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Finance Companies
CRISILs Criteria for rating short term debt
Criteria for Notching up Stand Alone Ratings of Companies based on Parent Support

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CRISIL Ratings uses the prefix 'PP-MLD' for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011, to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: https://www.crisil.com/en/home/our-businesses/ratings/credit-ratings-scale.html