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Business News/ Companies / News/  SBI Card board's approves raising funds up to 3,000 cr via NCDs
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SBI Card board's approves raising funds up to ₹3,000 cr via NCDs

SBI Cards and Payment Services Ltd has reported a rise in net profit of 2.7% to ₹596.5 crore for Q4 FY23, with revenue from operations rising by 32% to ₹3,762.2 crore.

SBI Cards and Payments has shown growth as both its cards in force and total spends have jumpedPremium
SBI Cards and Payments has shown growth as both its cards in force and total spends have jumped

SBI Cards and Payment Services Ltd on Monday announced that its board of directors has approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) to 3,000 crore in one or more tranches, on private placement basis.

“We wish to inform that the Board of Directors of the Company, at its meeting held today, has, inter alia, approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs. 3,000 Crores in one or more tranches, on private placement basis," said SBI Cards and Payment Services.

SBI Cards and Payment Services Ltd has reported a rise of 2.7 per cent to 596.5 crore for the quarter ended 31 March,2023. This is against a net profit of Rs581 crore in the corresponding quarter last fiscal.

The revenue from the operations rose by 32 per cent at 3,762.2 crore in the quarter under review from 2,850.3 crore in the year ago period, said SBI Card in the regulatory filing.

The total income increased by 30 per cent to 3,917 core in March quarter as compared to 3,016 crore in the year-ago period.

The interest income increased by 32 per cent to 1,672 crore in Q4 FY23 as against 1,266 core in the corresponding quarter last fiscal. While, the fees and commission income increased by 25% at 1,786 crore in Q4 FY23 as compared to Rs1,427 crore in Q4 FY22.

The new accounts volume stood at 1,371,000 accounts in Q4 FY23 up by 37 per cent as compared to 1,002,000 accounts in Q4 FY22.

The company's scrip closed 0.55 per cent at 919 on BSE.

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Updated: 05 Jun 2023, 05:31 PM IST
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