SBI Card and Payment Services on February 17 announced Salila Pande as the new Managing Director & CEO with effect from April 1, 2025 for a period of two years.

"...pursuant to the superannuation of Abhijit Chakravorty from the services of State Bank of India w.e.f. March 31, 2025, Board of Directors approved the appointment of Salila Pande as Managing Director & CEO (nominated by State Bank of India) of the Company with effect from April 1, 2025 for a period of two years," said the company in a stock exchange filing.

The company also declared an interim dividend of Rs 2.5 per equity share of Rs 10 face value. The record date has been fixed as February 25.

"Salila Pande is presently a Chief General Manager at State Bank of India. She is a career banker and had joined State Bank of India in 1995 as a Probationary Officer. She has been a part of State Bank of India, India's oldest and largest banking group since then. She has gained extensive experience through various roles across the Bank in multiple locations," said the company.

Pande has held key positions such as Vice President - Mid Office at SBI Singapore, DGM (Business and Operations) in Delhi, and President & CEO of SBI California, a foreign subsidiary of SBI.

Salila Pande is a post graduate in Physics, a Certified Financial Risk Manager (FRM by GARP, USA) and a Certified Associate of the Indian Institute of Bankers.

On February 17, SBI Card shares on NSE closed nearly 1% lower at Rs 851 apiece.

Last month, SBI Card profit after tax fell 30% to Rs 383 crore for the three months ended December 31.

The company gross write-offs jumped 89% from last year to Rs 1,354 crore.

SBI Card's net interest margin (NIM) contracted 31 basis points year-on-year to 10.6%.

Overall spending by cardholders fell 11% to Rs 86,093 crore, while cards-in-force, or the sum of all credit cards issued, rose 10% from last year.

The company's revenue from operations was flat year-on-year at Rs 4,619 crore.