SBI Card targets over 50 lakh increase in customer base by next year

SBI Card targets to expand its customer base to over 50 lakh in the next one year backed by a healthy growth of 30-35 %, which is well above the industry average. The company, on Friday, said it has reached a milestone figure of 40 lakh customer base presently and has witnessed a growth of about 40 % growth rate (compounded annual growth rate) between 2011-12 to 2015-16.

"We have achieved a milestone of 4 million customers, thus strengthening our position as one of the leading card issuers in the country," SBI Card said in a statement. In addition, the company has witnessed a growth of nearly 40 % CAGR in spends between 2011-12 and 2015-16, well-above the industry growth of about 25 % CAGR in the same period, it said.

"We look forward to extending industry leading, tailored payments solutions, which complement evolving needs and lifestyles, to many more consumers. With continued endorsement from our customers, we expect to sustain this growth and our target is to add over 1 million customers by September 2017," SBI Card CEO Vijay Jasuja said. E-commerce has emerged as a key propeller in growth, it said, adding SBI Card's overall spends have been growing at a rate of 30-35 % and that of online spends at over 50 %.