SBI Card results are not praiseworthy as the company has posted 3 per cent slump in income while the company's profit has dipped by near 52 per cent. However, the SBI Card management has a completely different opinion altogether and is optimistic about fast growth going forward as the company has achieved the pre-COVID-19 levels last October itself. Company MD & CEO Ashwini Kumar Tiwari said that dip in income and profit is because of the higher allocation to the provisioning that the company has done to prepare for the asset quality.

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On dip in income and profit, Tiwari told Anil Singhvi, "This slump in SBI Card income and profit is because of the higher allocation to out provisioning that we have done to prepare ourselves for the asset quality. Now, the worst is over and due to this higher provisioning, we are expecting huge jump in our income and profit in next quarter."

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On his growth model SBI Card MD & CEO said, "If we compare our October spends with previous years' October spends, then this year's spends are higher and that means we have achieved the pre-COVID levels and now after the vaccine being developed in India, further boost in the positive sentiments is expected. So, in next quarter, we are expecting sharp rise in spendings that will get reflected in our next quarter's income and profit growth."

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On higher SBI Card provisioning meaning higher NPA, Tiwari told Singhvi, "We had the option of keeping the provisioning lower, but we didn't go for that because we wanted to negate all kinds of negative aspect coming into our growth model in post-COVID market and hence provisioning should not be seen as higher NPA."