SBI Cards net up 67% to Rs 345 cr on lower provisions, higher other income

Asset quality improved as gross NPAs went down by 55 bps sequentially and 410 bps on YoY basis to stand at 3.36%

SBI Cards & Payments Services reported a 67 per cent year-on-year (YoY) increase in net profit in the July–September quarter (Q2FY22) aided by lower provisions and higher other income. Its net profit in the quarter stood at Rs 345 crore as against Rs 206 crore in the year-ago period.

While interest income was down 8 per cent YoY to Rs 1,173 crore, total revenue shot up by 7 per cent to Rs 2,695 crore, primarily due to higher income from fees and services.

Provisions for impairment losses and bad debts were 31 per cent lower YoY at Rs 594 crore.