Finance
SBI Cards & Payment Services (SBI Card) reported a net profit of Rs 386 crore, up 83.8 per cent in the quarter ended 31 December, 2021. The SBI-promoted card issuance company ha posted a net profit of Rs 210 crore in the year-ago period.
The company’s December-quarter total revenue from operations increased 20 per cent to Rs 2,889 crore versus Rs 2,408 crore year ago, whereas its total income increased 24 per cent YoY to Rs 3,140 crore.
Among key metrics, SBI Cards stated that new accounts volume came at 1,008k for Q3FY22 up by 10 per cent as compared to 918k for Q3FY21. Card-in-force grew by 15 per cent to 1.32 crore during the quarter under review.
Moreover, total spends grew by 47 per cent to Rs 55,397 crore in Q3FY22.
In case of asset quality, the company reported that gross non-performing assets (GNPA) were at 2.40 per cent of gross advances as on December 31, 2021 as against 4.51 per cent as on December 31, 2020. Net non-performing assets (NPA) were at 0.83 per cent as against 1.60 per cent as on December 31, 2020.
Shares of SBI Cards on Monday closed 4.28 per cent lower at Rs 814.10 apiece amid heavy crash in Sensex and Nifty which wiped out nearly Rs 10 lakh crore of investors’ wealth.
Source:BT
