SBI Card Q2 Results: Net profit rises 15% YoY to ₹603 crore, cards in force grow 21%
- SBI Card Q2 Results: The company noted significant jump in revenues which witnessed a 22% growth at ₹4,221 crore from ₹3,453 crore recorded during Q2FY23.
SBI Card Q2 Results: SBI Cards and Payments Services Limited released its July-September quarter results on Friday. The company posted a 15% year-on-year (YoY) increase in its net profit at ₹603 crore, compared to ₹526 crore recorded during the same quarter last fiscal year.
SBI Card registered a 21% YoY growth in cards in force at 1.79 crore during Q2FY24 from 1.48 crore during the year-ago period.
The company noted a significant jump in revenues which witnessed a 22% growth to ₹4,221 crore from ₹3,453 crore recorded during Q2FY23.
Sequentially, the net profit recorded a growth of 2% from ₹593 crore during the quarter ending June 2023. The revenue during the previous quarter stood at ₹4,046 crore, implying a sequential growth of 4%.
Asset Quality
The gross non-performing assets of SBI Cards and Payment Services stood at 2.43% of gross advances at the end of the September quarter, which is slightly higher than 2.35% as of March 31, 2023. The net non-performing assets were at 0.89% at the end of Q2FY24 as against 0.87% at the end of fiscal year 2023.
During the quarter, the capital adequacy ratio of the company stood at 23.3%, which was higher than the 23.1% recorded during the end of the previous fiscal year.
Business Highlights
SBI Cards and Payments Services witnessed a 12% decline in the volume of new accounts which plunged to 1,142,000 during the quarter under review from 1,295,000 during Q2FY23. The spending through the cards grew 27% YoY at ₹79,164 crore from ₹62,306 crore recorded during the same quarter last fiscal.
Market share of the cards in force grew marginally to 19.2% from 19.1% posted during the same quarter last fiscal.
Recently, SBI Cards said it will allot 3,104,770 equity shares to eligible employees of the company at a value of ₹10 per share under the SBI Card - Employee Stock Option Plan 2019 (ESOP Scheme 2019). As per the company, the exercise price of these shares is ₹152.10 per share.
The shares of SBI Cards and Payments Services closed 3.11% higher on Friday at ₹796.50 apiece.
Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsCompaniesCompany ResultsSBI Card Q2 Results: Net profit rises 15% YoY to ₹603 crore, cards in force grow 21%
First Published:27 Oct 2023, 07:31 PM IST
- Top Gainers
- Top Losers
- 52 Week High