Cost of funds trajectory uncertain
While COF remained stable at 6.6% for the quarter, management expects it to trend higher in line with market rates, which could pressure NIM going forward.
SBICARD / Q1-FY27 / risks
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SBI Cards and Payment Services · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
medium
Geopolitical uncertainty and monsoon impact
Management remains watchful for second-order impacts on fuel prices, inflation, and customer cash flows. Analysts raised concerns about poor monsoon affecting rural spending in Q2-Q3.
NBFC personal loan competition
Growing BNPL and personal loan offerings from fintechs and NBFCs could cannibalize credit card EMI and spend growth, particularly for large-ticket purchases.
Conservative credit limit stance easing gradually
Analyst noted that two years of strict limit rationalization could constrain spend growth if not reversed, though management is beginning credit limit increases for eligible customers.