MUMBAI: SBI Cards and Payment Services, the second largest credit card issuer with over 20 million active customers, has appointed Salila Pande as its new managing director & chief executive for two years.
“With Abhijit Chakravorty, current MD& CEO getting superannuated from the services of State Bank of India from March 31, 2025, the board has approved the appointment of Salila Pantle as his successor (nominated by SBI) with effect from April 1, 2025 for a period of two years," the company informed exchanges on Monday.
The company also declared an interim dividend of Rs 2.5/share of Rs 10 face value. The record date has been fixed February 25.
"Pande is presently a chief general manager at SBI. She is a career banker and had joined SBI in 1995 as a probationary officer. She has been a part of bank since then and has held various roles across the bank in multiple locations," said the company.
Pande was vice-president-mid office at SBI Singapore, DGM (business and operations) in Delhi, and president & CEO of SBI California.
Pande is a post graduate in physics, a certified financial risk manager (FRM by GARP, US) and a certified associate of the Indian Institute of Bankers.
In Q3 SBI Cards reported a 30% fall in net income at Rs 383 crore from a revenue of Rs 4,619 crore, which was flat. The bottom line was hit as its gross write-offs soared 89% to Rs 1,354 crore. The profit was also hit by a contraction in net interest margin to the tune of 31 bps to 10.6%. Another reason was the fall in spending by cardholders which slipped 11% to Rs 86,093 crore, while cards-in-force, or the sum of all credit cards issued, rose 10%.