PATNA: SBI
Card, the second largest card issuer in the country, has grown its cardholder
base to five million by adding one million plus customers over the last year. The
company has also seen significant increase incard spend which has grown from an
average of Rs 3500 crores per month to Rs 5500 crores plus per month,over last
one year. This has catapulted SBI Card to second position in terms of card
spend among card issuers in the country, with a market share of 15%.
Speaking on the development Mr Vijay
Jasuja, CEO, SBI Card said, “We are delighted that 5 million customers
have placed their trust in us. This landmark has been attained at a rapid pace,
by adding over 1 million customers in last one year.We believe that our
penchant to provide the best in class products and highest level of service,
backed by a culture of trust and transparency in everything we do, has been
endorsed by our cardholders. The last five years have been a defining period in
our growth. We have risen from fourth position in the industry to become the
second largest player, both in terms of customer base and card spends. We have
consistently maintained YOY growth of over 40% on card spends, outpacing the
industry growth by a substantial margin. With monthly retail card spends of over
Rs 5500 crore and customer base of 5 million, we have cemented our position in
the market as a card issuer of choice.”
He added, “Our focus has been to grow
our portfolio with diverse product offerings ranging from entry level products
users to premium and co-branded product products customised to customer needs
and spending patterns.We believe only by continually creating additional value
for our customers we can reciprocate the trust and support they have placed in
us.With the continued support of our customers, we will keep innovating to
develop industry leading payment solutions. A strong emphasis on enhanced
customer experience will be the cornerstone for our next phase of growth. We
expect to sustain the momentum with 30% plus growth over the coming year.”
Press release
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