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SBI Card, the country's largest pure-play credit card issuer, and e-commerce marketplace Flipkart on Tuesday announced the launch of a co-branded credit card with a host of features. The 'Flipkart SBI Credit Card' was launched in the presence SBI Chairman C S Setty and MD Ashwini Kumar Tewari, the card company said in a statement. The Flipkart SBI Card has been designed with curated cashback benefits to offer a rewarding shopping experience for discerning customers on the majority of their purchases, it said. The launch reflects SBI Card and Flipkart's ongoing efforts to empower shoppers with greater value, flexibility, and access to formal credit while enhancing their overall shopping journey, it said. Customers can seamlessly apply for the credit card digitally via the Flipkart App, and SBI Card SPRINT, by visiting the SBI Card website SBI Card.com, it said. With the Flipkart SBI Card, customers can earn 7.5 per cent cashback on spends made on Myntra, and 5 per cent cashback on
SBI Card on Thursday reported a 19 per cent decline in profit to Rs 534 crore in the March quarter, on account of a rise in defaults. Pure-play credit card company, promoted by SBI, SBI Cards and Payment Services Ltd (SBI Card) had earned a profit of Rs 662 crore in the fourth quarter of the previous fiscal. However, total income rose to Rs 4,832 crore against Rs 4,475 crore in the year-ago period. Interest income too improved to Rs 2,415 crore in Q4 FY25 as compared to Rs 2,139 crore in the same quarter a year ago. During the quarter, the gross non-performing assets were at 3.08 per cent of gross advances against 2.76 per cent as of March 31, 2024. Similarly, net non-performing assets rose to 1.46 per cent as compared to 0.99 per cent at the end of the fourth quarter of previous fiscal. As a result, impairment losses and bad debts jumped to Rs 1,245 crore from Rs 944 crore a year ago. For the full fiscal 2024-25 too, profit declined by 20 per cent to Rs 1,916 crore against Rs 2