Bernstein on SBI Cards ; U-P, TP Rs 430

2Q show a sharp earnings recovery, but little evidence of a turnaround in underlying growth drivers. PAT grew 75% YoY, largely supported by lower credit costs, while retail spends growth moderated to 6%. Stable revolver share offers some respite, but does not establish a reversal of structural pressure on interest-earning balances With credit costs now approaching a steady-state level, see limited room for earnings growth without a meaningful recovery in spends and eventually interest-earning advances

SBI CARDS & PAY SER LTD

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