SBI Cards Appoints Salila Pande as New MD & CEO and Declares Interim Dividend
| Topic | Details |
|---|---|
| Why in News? | SBI Cards appointed Salila Pande as its new MD & CEO, effective April 1, 2025. The company also declared an interim dividend of ₹2.50 per share for FY 2024-25. |
| New MD & CEO | Salila Pande, currently Chief General Manager at SBI, will replace Abhijit Chakravorty, who retires on March 31, 2025. |
| Background of CEO | Joined SBI in 1995, held roles such as Vice President - Mid Office at SBI Singapore, Deputy General Manager (Business & Operations) in Delhi, and President & CEO of SBI California. |
| Educational Background | Postgraduate degree in physics, certified Financial Risk Manager (FRM) from GARP, USA, and a certified associate of the Indian Institute of Bankers (CAIIB). |
| Term of Appointment | 2 years, subject to regulatory and shareholder approvals. |
| Financial Update | SBI Cards' Q3 FY24 net profit fell by 30% to ₹383 crore compared to ₹549 crore in the same period of the previous year, primarily due to rising delinquencies in the credit card business. |
| Dividend Details | ₹2.50 per share (25% of face value ₹10). Record date: February 25, 2025, Payout: by March 18, 2025. |
| Stock Performance | SBI Cards' stock traded at ₹846.45, down 0.86% as of February 18, 2025. |