Whalesbook
Jaisa maine bataya, SBI Card ne ₹1,800 Crore ke kharaab credit card loans Integro Finserv ko sell kar diye hain. Yeh deal unki loan book ko clean rakhne aur defaults ko control karne ke liye ek bada kadam hai. Company ne kaha hai ki iske baad unka Gross NPA ratio sudhar kar 2.41% ho gaya hai, jo pehle 3.08% tha. Net NPA bhi 1.04% tak gir gaya hai, pehle 1.46% tha. Toh internal figures toh theek lag rahe hain.
Yeh deal Integro Finserv ne ki hai, jo 2019 mein bani company hai aur 'distressed retail loans' kharidne mein expert hai. Woh in loans se paisa vasool karne ki koshish karte hain.
Lekin asli 'muddā' yeh hai ki credit card waale defaulted loans se paisa wasool karna bohot mushkil hai. Jaha bankon ke liye NPA recovery 18% tak hai aur IBC mein toh 36.6% tak, wahin credit card loans mein yeh sirf 15% ke aas paas hai. Ye bohot kam hai, bhai.
India mein credit card market badh raha hai, abhi 113 million se zyada cards hain aur log ₹2.91 lakh Crore tak ki dues chukane mein late ho rahe hain. National delinquency rate bhi 1.8% tak pahunch gaya hai.
SBI Card market mein 19-20% share ke saath doosre number par hai, HDFC Bank aage hai (22-23%). ICICI Bank aur Axis Bank bhi bade players hain. Lekin SBI Card ka P/E ratio lagbhag 30.51x hai, jo HDFC Bank (19.4x) aur ICICI Bank (19.0x) se kaafi zyada hai. Analyst log bhi isko 'Sell' karne ki salah de rahe hain, kyonki credit risk aur competition zyada hai.
Toh, figures mein sudhar dikh raha hai, par yeh ₹1,800 Crore ki sale bata rahi hai ki credit card business mein asset quality ko manage karna ek bada challenge ho sakta hai, sirf ek choti dip nahi. Aur iska P/E ratio bhi yehi dikha raha hai ki stock shayad abhi bhi thoda mehenga hai jab tak credit strain kam nahi hota.