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SBI Card MD & CEO resigns, to join State Bank of India

SBI, state bank of India

SBI Cards & Payment Services’ chief executive officer, Ashwini Kumar Tewari, has resigned from his position as of Thursday, as he has been appointed as a managing director at the State Bank of India (SBI), the credit card focused non-bank lender said in an exchange filing.

The electrical and electronics graduate from BITS Ranchi has been with SBI since 1993. Prior to this appointment at SBI Card, he was the country head of SBI’s operations in the United States, based out of New York. Tewari had taken charge of SBI Card only in August last year, after the previous CEO voluntarily retired from his position. Tewari joined the company back in 2017, overseeing its growth as a dominant player in the credit card industry until its stock listing in March last year just before the country went into lockdown due to the COVID-19 lockdown.

We wish to inform that Mr. Ashwini Kumar Tewari, Managing Director & CEO (nominated by State Bank of India) of the Company has tendered his resignation from director ship of the Company with effect from the close of business hours of January 27, 2021, owing to his appointment as the Managing Director of State Bank of India. He will also cease to be the MD & CEO of the Company from the said date.

On Wednesday, the Appointments Committee of the Cabinet (ACC) approved the department of financial services’ proposal to nominate Swaminathan Janakiraman and Ashwini Kumar Tewari as managing directors of SBI for the next three years.

SBI Card posted a net profit of ₹210 crore for the third quarter of the current fiscal, around 50% lower from ₹435 crore during the corresponding period of the previous financial year, according to its financial results. Total income for the credit card lenderstood at ₹2,540 crore for Q3FY21 compared to ₹2,563 crore in Q3FY20.

SBI Card has 1.15 crore cards in force, up by 15% year-on-year and new account volumes increased by 8% YoY to 918,000 accounts. Total spends on credit cards grew by 8% YoY to ₹37,797 crore and receivables grew by 4% YoY to ₹25,749 crore at the end of December 2020.

“While there have been some improvements in economic activities in the current quarter, the continued slowdown has impacted new credit card originations, use of credit cards by customers and the efficiency in collection efforts,” the lender said. The gross non-performing assets (GNPAs) of the lender stood at 1.61% and net NPAs stood at 0.56% at the end of Q3FY21. If not for the Supreme Court’s order in September 2020 instructing banks to not classify accounts as NPA after August 31, the lenders’ GNPA ratio on a proforma basis would have been 4.51% and NNPA ratio at 1.58% at the end of the same quarter, it said.

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