Rating Rationale
June 28, 2023 | Mumbai
SBI Cards and Payment Services Limited
'CRISIL AAA / Stable' assigned to Non Convertible Debentures and Lower Tier II Bonds; rated amount enhanced for Bank Debt and Commercial Paper
 
Rating Action
Total Bank Loan Facilities RatedRs.39000 Crore (Enhanced from Rs.30000 Crore)
Long Term RatingCRISIL AAA/Stable (Reaffirmed)
Short Term RatingCRISIL A1+ (Reaffirmed)
 
Rs.1000 Crore Lower Tier II BondsCRISIL AAA/Stable (Assigned)
Rs.2500 Crore Non Convertible DebenturesCRISIL AAA/Stable (Assigned)
Rs.500 Crore Lower Tier II BondsCRISIL AAA/Stable (Withdrawn)
Rs.34000 Crore (Enhanced from Rs.25000 Crore) Commercial PaperCRISIL A1+ (Reaffirmed)
Lower Tier II Bonds Aggregating Rs.1000.2 CroreCRISIL AAA/Stable
Non Convertible Debentures Aggregating Rs.7655 CroreCRISIL AAA/Stable (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 assigned its ‘CRISIL AAA/Stable’ rating on the additional NCDs of Rs 2500 crore and Lower tier II bonds of Rs 1000 crore respectively. Further rated amount has been enhanced for bank loans and Commercial Paper by Rs 9000 crore each. Rating of CRISIL AAA/Stable/CRISIL A1+ has been reaffirmed on the existing debt instruments and bank facilities of SBI Cards and Payment Services Ltd (SBI Cards).

 

Also, CRISIL Ratings has withdrawn its rating on Rs 500 crore of Lower Tier II bonds as these have been repaid on maturity.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 (Refer to annexure for details of rating withdrawn.)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 the strong support SBI Cards receives from its majority shareholder, State Bank of India (SBI; ‘CRISIL AAA/CRISIL AA+[1]/Stable/CRISIL A1+’) on an 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 the debt obligations 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 1.68 crore cards-in-force (CIF), and market share of 19.7% as on as on March 31, 2023. Profitability is above average, with calculated return on assets (ROA) of 5.6% in fiscal 2023 and 5,2% in fiscal 2022. The improvement is largely due to reduced credit cost. While RoA is healthy, profitability remains susceptible to asset quality challenges because of the unsecured nature of the loan book.

 

GNPAs stood at 2.35% as on March 31, 2023 against 2.22% as on March 31, 2022, largely supported by higher writeoffs. Ability of the company to manage collections and asset quality over the medium term will be a key monitorable.

[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. Furthermore, 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:

* Strong support from SBI

Credit card are an integral part of a bank’s product offerings. SBI Cards houses the credit card business of SBI, and hence, it is strategically important to the parent. The company receives strong financial, managerial, and branding support from SBI on an ongoing basis. It benefits from the strong customer franchisee of SBI, commanding a premium in the co-branded card segment. In the past, SBI has infused growth capital in SBI Cards. As on March 31, 2023, SBI held 68.98% 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 because of the dynamic nature of the business. SBI will likely provide strong support to SBI Cards both on an ongoing basis and in the event of distress.

  

* Improving market position

Growth in CIF has been faster than the industry in the past few fiscals; therefore, the market share of the company by CIF had increased to 19.7% as on March 31, 2023, (18.7% as on March 31, 2022), from 15.3% as on March 31, 2017. SBI Cards is the second-largest credit card player by CIF and the third largest by spends. Gross card receivables stood at Rs 40,722 crore as on March 31, 2023, compared with Rs 31,281 crore as on March 31, 2022 (Rs 25,114 crore as on March 31, 2021). The company will continue to benefit from its ability to tap into SBI’s large customer base and its distribution network. Furthermore, its market share will improve over the medium term.

 

* Healthy profitability

ROA (calculated) averaged 5% over the past five fiscals supported by healthy net interest income and strong fee income. ROA (calculated) improved to 5.6% in fiscal 2023 from 5.2% in fiscal 2022, largely on account of lower credit cost. Provisioning cost (calculated) improved to 5.4% in fiscal 2023 from 7.3% in fiscal 2022 (10.3% in fiscal 2021) as the stress on asset quality from the pandemic subsided. 

 

Nevertheless, ability to manage credit cost will be closely monitored.

 

Weakness

* Susceptibility to risks inherent in the credit card business

The entire loan book is unsecured; thus, the portfolio is inherently risky. The pandemic adversely impacted asset quality, leading to surge in GNPAs to 4.99% as on March 31, 2021, from 2.01% as on March 31, 2020. However, GNPAs improved to 2.35% as on March 31, 2023 (2.22% as on March 31,2022).

 

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

Liquidity : Strong

The structural liquidity statement dated March 31, 2023, had cumulative positive mismatch in all the time buckets, because of the short tenure of assets. The company had cumulative outflows of Rs 22,101 crore until September 30, 2023, against expected inflows of Rs 33,467 crore for the said period. Moreover, the company had unutilised bank lines of Rs 4,607 crore as on March 31, 2023. Its commercial paper borrowings are backed by unutilised bank lines. 

 

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 a direct adverse environmental impact, lending decisions may have a bearing on the environment and other sustainability related factors.

 

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

 

The key ESG highlights of SBI Cards are as follows:

  • SBI Card installed LED lights across 3 lakh square feet of its offices and installed smart printers to limit unwanted prints. Furthermore, it installed sensors to auto control on/ off to optimise energy consumption. The company has adopted paperless communications with customers such as statement 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 the Bank’s various branches, offices and other establishments.

 

  • Women comprised 28% of the total employees and 29% of senior management as on March 31, 2022. One board member out of nine is a woman.

 

  • The company has 56% of its board members as independent directors, with a split in the chairperson and executive positions, and has 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 its strong brand. Its market position will likely improve while maintaining profitability over the medium term.

Rating Sensitivity factors

Downward factors

  • Downgrade in the rating of SBI may result in a corresponding rating action on the company
  • Material changes 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 1.68 crore CIF and market share of 19.7% as on March 31, 2023. Total spends for fiscal 2023 were Rs 262,498 crore compared with Rs 186,353 crore in fiscal 2022 (Rs 122,416 crore in fiscal 2021). Networth stood at Rs 9,830 crore as on March 31, 2023.

 

Net profit was Rs 2258 crore on total income (net of finance cost) of Rs 12,638 crore in fiscal 2023, against, Rs 1,616 crore on total income (net of finance cost) of Rs 10,274 crore in fiscal 2022. ROA (calculated) stood at 5.6%, compared with 5.2% during the said period.

Key Financial Indicators

As on / for the period ended  Unit  March 2023 March 2022
Total assets Rs crore 45546 34648
Total income (net of finance cost) Rs crore 12638 10274
Profit after tax Rs crore 2258 1616
Gross stage 3 assets % 2.35 2.22
Gearing Times 3.2 3
ROA (calculated) % 5.6 5.2

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 level Rating with outlook
NA Non Convertible Debentures  NA NA NA 2500 Simple  CRISIL AAA/Stable
NA Lower Tier II Bonds NA NA NA 1000 Complex  CRISIL AAA/Stable
INE018E08078 Lower Tier II Bonds 17-Oct-16 8.10% 17-Oct-23 200 Complex CRISIL AAA/Stable
INE018E08144 Lower Tier II Bonds 29-Jan-19 9.55% 29-Jan-29 250 Complex CRISIL AAA/Stable
INE018E08169 Lower Tier II Bonds 12-Jun-19 8.99% 12-Jun-29 100 Complex CRISIL AAA/Stable
INE018E08300 Lower Tier II Bonds 30-Jun-22 8.25% 30-Jun-32 250 Complex CRISIL AAA/Stable
INE018E08193 Non-convertible debentures 26-Feb-20 7.40% 25-Feb-25 300 Simple CRISIL AAA/Stable
INE018E08201 Non-convertible debentures 29-Jun-20 6.85% 29-Jun-23 400 Simple CRISIL AAA/Stable
INE018E08219 Non-convertible debentures 17-Aug-20 5.75% 17-Nov-23 500 Simple CRISIL AAA/Stable
INE018E08227 Non-convertible debentures 22-Dec-20 6.00% 22-Dec-25 450 Simple CRISIL AAA/Stable
INE018E08235 Non-convertible debentures 23-Feb-21 5.90% 23-Feb-24 550 Simple CRISIL AAA/Stable
INE018E08243 Non-convertible debentures 10-May-21 5.70% 10-May-24 455 Simple CRISIL AAA/Stable
INE018E08250 Non-convertible debentures 14-Jun-21 5.55% 14-Jun-24 500 Simple CRISIL AAA/Stable
INE018E08268 Non-convertible debentures 17-Aug-21 5.70% 16-Aug-24 500 Simple CRISIL AAA/Stable
INE018E08276 Non-convertible debentures 15-Nov-21 5.75% 14-Nov-24 500 Simple CRISIL AAA/Stable
INE018E08284 Non-convertible debentures 24-Dec-21 5.82% 24-Dec-24 650 Simple CRISIL AAA/Stable
INE018E08292 Non-convertible debentures 03-Jun-22 7.51% 03-Jun-25 750 Simple CRISIL AAA/Stable
INE018E08318 Non-convertible debentures 15-Sep-22 7.39% 15-Sep-25 500 Simple CRISIL AAA/Stable
INE018E08326 Non-convertible debentures 14-Nov-22 7.90% 14-Nov-25 350 Simple CRISIL AAA/Stable
NA Lower Tier II Bonds* NA NA NA 200.2 Simple CRISIL AAA/Stable
NA Non-convertible debentures * NA NA NA 440 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 24990 NA CRISIL AAA/Stable
NA Bank guarantee NA NA NA 10 NA CRISIL A1+
NA Term loan NA NA 28-Jun-25 500 NA CRISIL AAA/Stable
NA Term loan NA NA 20-Jan-26 500 NA CRISIL AAA/Stable
NA Term loan NA NA 21-May-26 500 NA CRISIL AAA/Stable
NA Term loan NA NA 03-Jul-26 475 NA CRISIL AAA/Stable
NA Term loan NA NA 28-Jul-26 250 NA CRISIL AAA/Stable
NA Term loan NA NA 21-Apr-27 500 NA CRISIL AAA/Stable
NA Term loan NA NA 04-Feb-28 500 NA CRISIL AAA/Stable
NA Term loan NA NA 27-Mar-26 250 NA CRISIL AAA/Stable
NA Term loan NA NA 22-May-26 250 NA CRISIL AAA/Stable
NA Proposed Long term bank loan facility NA NA NA 9000 NA CRISIL AAA/Stable
NA Proposed Term Loan NA NA NA 1275 NA CRISIL AAA/Stable
INE018E08334 Non-convertible debentures  17-May-23 NA 17-May-28 810 Simple CRISIL AAA/Stable

 *Yet to be issued

 

Annexure - Details of Rating Withdrawal

ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs crore) Complexity level Rating with outlook
INE018E08086 Lower Tier II Bonds 17-Jul-17 8.30% 17-May-23 500 Complex Withdrawn
Annexure - Rating History for last 3 Years
  Current 2023 (History) 2022  2021  2020  Start of 2020
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 38990.0 CRISIL AAA/Stable 24-05-23 CRISIL AAA/Stable 05-08-22 CRISIL AAA/Stable 20-05-21 CRISIL AAA/Stable 13-11-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 23-05-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- 14-02-20 CRISIL AAA/Stable --
      -- 24-04-23 CRISIL AAA/Stable 29-03-22 CRISIL AAA/Stable   --   -- --
      -- 22-03-23 CRISIL AAA/Stable 25-02-22 CRISIL AAA/Stable   --   -- --
      -- 27-01-23 CRISIL AAA/Stable 07-01-22 CRISIL AAA/Stable   --   -- --
Non-Fund Based Facilities ST 10.0 CRISIL A1+ 24-05-23 CRISIL A1+ 05-08-22 CRISIL A1+ 20-05-21 CRISIL A1+   -- --
      -- 23-05-23 CRISIL A1+ 31-03-22 CRISIL A1+   --   -- --
      -- 24-04-23 CRISIL A1+ 29-03-22 CRISIL A1+   --   -- --
      -- 22-03-23 CRISIL A1+ 25-02-22 CRISIL A1+   --   -- --
      -- 27-01-23 CRISIL A1+ 07-01-22 CRISIL A1+   --   -- --
Commercial Paper ST 34000.0 CRISIL A1+ 24-05-23 CRISIL A1+ 05-08-22 CRISIL A1+ 20-05-21 CRISIL A1+ 13-11-20 CRISIL A1+ CRISIL A1+
      -- 23-05-23 CRISIL A1+ 31-03-22 CRISIL A1+   -- 14-02-20 CRISIL A1+ --
      -- 24-04-23 CRISIL A1+ 29-03-22 CRISIL A1+   --   -- --
      -- 22-03-23 CRISIL A1+ 25-02-22 CRISIL A1+   --   -- --
      -- 27-01-23 CRISIL A1+ 07-01-22 CRISIL A1+   --   -- --
Lower Tier II Bonds LT 2000.2 CRISIL AAA/Stable 24-05-23 CRISIL AAA/Stable 05-08-22 CRISIL AAA/Stable 20-05-21 CRISIL AAA/Stable 13-11-20 CRISIL AAA/Stable Withdrawn
      -- 23-05-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- 14-02-20 CRISIL AAA/Stable --
      -- 24-04-23 CRISIL AAA/Stable 29-03-22 CRISIL AAA/Stable   --   -- --
      -- 22-03-23 CRISIL AAA/Stable 25-02-22 CRISIL AAA/Stable   --   -- --
      -- 27-01-23 CRISIL AAA/Stable 07-01-22 CRISIL AAA/Stable   --   -- --
Non Convertible Debentures LT 10155.0 CRISIL AAA/Stable 24-05-23 CRISIL AAA/Stable 05-08-22 CRISIL AAA/Stable 20-05-21 CRISIL AAA/Stable 13-11-20 CRISIL AAA/Stable CRISIL AAA/Stable
      -- 23-05-23 CRISIL AAA/Stable 31-03-22 CRISIL AAA/Stable   -- 14-02-20 CRISIL AAA/Stable --
      -- 24-04-23 CRISIL AAA/Stable 29-03-22 CRISIL AAA/Stable   --   -- --
      -- 22-03-23 CRISIL AAA/Stable 25-02-22 CRISIL AAA/Stable   --   -- --
      -- 27-01-23 CRISIL AAA/Stable 07-01-22 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 2300 Punjab National Bank CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 1500 HDFC Bank Limited CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 1800 Bank of Baroda CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 1100 Sumitomo Mitsui Banking Corporation CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 1300 The Hongkong and Shanghai Banking Corporation Limited CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 16240 State Bank of India CRISIL AAA/Stable
Cash Credit & Working Capital Demand Loan 750 Central Bank Of India CRISIL AAA/Stable
Proposed Long Term Bank Loan Facility 9000 Not Applicable CRISIL AAA/Stable
Proposed Term Loan 1275 Not Applicable CRISIL AAA/Stable
Term Loan 250 IDBI Bank Limited CRISIL AAA/Stable
Term Loan 250 The Hongkong and Shanghai Banking Corporation Limited CRISIL AAA/Stable
Term Loan 2225 HDFC Bank Limited CRISIL AAA/Stable
Term Loan 500 Punjab National Bank CRISIL AAA/Stable
Term Loan 500 Canara 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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