SBI Cards and Payment Services (SBI Card) posted a 22.6% fall in standalone net profit to Rs 304.61 crore on 11.6% rise in total income to Rs 2,450.94 crore in Q1 FY22 over Q1 FY21.
On a sequential basis, the company's net profit grew by 74% compared with Rs 175 crore posted in Q4 FY21. Profit before tax increased 75% quarter on quarter but slipped 22.3% year on year to Rs 410.3 crore in Q1 FY22. Earnings before credit costs increased by 4% to Rs 1,056 crore in Q1 FY22 from Rs 1,014 crore in Q1 FY21. Meanwhile, the company's finance costs decreased by 16.6% to Rs 229 Cr in Q1 FY22 from Rs 275 crore in Q1 FY21.Return on average assets (ROAA) stood at 4.5% in Q1 FY22 while return on average equity (ROAE) was at 18.7% during Q1 FY22. During the quarter, Capital Adequacy Ratio stood at 26.1% as compared to 24.4% in Q1 FY21.
On the operational front, card-in-force grew by 14% to 1.20 crore in Q1 FY22 from 1.06 crore in Q1 FY21. The card company said it spends grew by 74% at Rs 33,260 crore posted in Q1 FY22 from Rs 19,085 crore in Q1 FY21. The company's market share Q1 FY22 (available till May'21) grew to 19.2% as compared to 18.5% in Q1 FY21. Receivables grew by 5% to Rs 24,438 crore as of Q1 FY22 as against Rs 23,330 crore as of Q1 FY21.
On the asset quality front, gross NPA were at 3.91% as of Q1 FY22 as compared to 1.35% in Q1 FY21. Net NPA were at 0.88% as of Q1 FY22 versus 0.43% in Q1 FY21.
SBI Card's total balance sheet size as of 30 June 2021 was at Rs 26,608 crore as against Rs 24,260 crore as of 30 June 2020. Total gross advances (Credit card receivables) as of 30 June 2021 were at Rs 24,438 crore, as against Rs 23,330 crore as of 30 June 2020. Net worth as of 30 June 2021 was at Rs 6,687 crore as against Rs 5,722 crore as of 30 June 2020.
SBI Card is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients.
Shares of SBI Cards were up 3.45% at Rs 990 on BSE.
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