 "SBI Card Q4 results: Net profit rises 11% to Rs 662 crore, revenue up 14%")
The net profit of SBI Cards and Payment Services Ltd (SBI Card) increased by 11 per cent to Rs 662 crore in the fourth quarter of financial year 2023-24 (Q4 FY24) from Rs 596 crore in the year-ago period.
Sequentially, the net profit increased 20 per cent from Rs 549 crore in the third quarter of FY24.
The total revenue of the company increased 14 per cent year-on-year to Rs 4,475 crore from Rs 3,917 crore in the year-ago period.
The interest income of the company rose by 28 per cent to Rs 2,139 crore in the reported quarter of FY24 from Rs 1,672 crore in Q4 FY23. The fee and commission income saw an uptick to Rs 2,209 crore from Rs 2,090 crore during the time period.
Meanwhile, finance costs of the firm rose by 43 per cent to Rs 724 crore in Q4 FY24 from Rs 507 crore in Q4 FY23. Whereas, total operating cost slipped by 3 per cent at Rs 1,918 crore from Rs 1,980 crore in the January-March quarter of FY24.
Impairment losses and bad debts expenses of the credit card issuer increased by 52 per cent to Rs 3,287 crore in FY24 from Rs 2,159 crore in FY23.
The gross non-performing assets (GNPA) were at 2.76 per cent as of 31 March 2024 as against 2.35 per cent as of 31 March 2023. Net NPA was at 0.99 per cent as of 31 March 2024 as against 0.87 per cent as of 31 March 2023.
The company’s capital to risk ratio (CRAR) stood at 20.5 per cent as of 31 March 2024 as compared to 23.1 per cent as of 31 March 2023.
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