SBI Card Q3 profit rises 32% to ₹509 crore; bad loans decline

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(PTI) SBI Cards and Payment Services Ltd on Tuesday reported a 32 per cent rise in its December quarter net profit at 509 crore.

The pure-play credit card company, promoted by SBI, had posted a net profit of 386 crore during the corresponding period of the previous financial year.

The company’s total income grew marginally to 3,656 crore during October-December 2020, against 3,140 crore in the year-ago period, it said in a regulatory filing.

Total Operating cost increased by 15 per cent at 1,974 crore for the third quarter of FY23 from 1,719 crore in FY22, it said.

Its gross non-performing assets (NPA) declined to 2.22 per cent during the quarter under review as against 2.40 per cent a year ago.

The net NPA too eased to 0.80 per cent from 0.83 per cent at the end of December quarter of previous financial year.

As a result, impairment losses and bad debts expenses decreased by 15 per cent at 533 crore from 625 crore in FY22.

 

 

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