BackSBI Card Q4 results: Net profit up by 3% to ₹596 crore, revenue up 32%
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.
PremiumSBI Cards and Payment Services Ltd on Friday 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 spending grew by 32% YoY to ₹1,686 crore in Q4 FY23 as compared to ₹54,134 Cr in Q4 FY22, while receivables grew by 30% YoY at ₹40,722 Cr in Q4 FY23 as against ₹31,281 crore in Q4 FY22.
The gross non-performing assets were at 2.35% of gross advances as of March 31, 2023 as against 2.22% as of March 31, 2022. Net non-performing assets were at 0.87% as of March 31, 2023 as against 0.78% as of March 31, 2022.
As per the capital adequacy norms issued by the RBI, Company's capital to risk ratio consisting of tier I and tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items.
As of March 31, 2023, SBI Card CRAR was 23.1 % compared to 23.8% as of March 31, 2022.
On Friday, the company's scrip ended 1.56 per cent down at ₹771.85 on BSE.
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