After it reported a net profit of Rs 838.40 crore in the fourth quarter of 2018-19, State Bank of India (SBI), the country's largest lender, on Friday said that it is planning to list general insurance and credit card business in FY20.

"Definitely looking at listing SBI Card and SBI General Insurance in FY20 and are confident of a good listing. We will not miss the opportunity to grow because we are capable of managing the risks," SBI said.

SBI General Insurance is a 74: 26 joint venture between the SBI and Insurance Australia Group (IAG) that started its operations in 2010 and provides a wide range of insurance products in the retail and commercial space.

For the fourth quarter of 2018-19, SBI General Insurance had reported 11.3 percent increase in profit before tax at Rs 470 crore. The company's underwriting profit more than doubled to Rs 79 crore from Rs 32 crore in the previous financial year.

SBI Card, country’s second-largest credit card issuer, is a joint venture between SBI and The Carlyle Group, one of the world’s leading alternative asset managers.

The Carlyle Group holds 26 percent, while SBI holds 74 percent stake in the joint venture. With a customer base of over 7.5 million, SBI Card operates through a footprint of more than 100 cities in India.

First Published:May 10, 2019 3:45 PM IST