SBI Cards Q1 net down 22.5% YoY on higher provisions, lower interest income

Impairment losses and bad debts rose by 33 per cent YoY to Rs 645 crore

Pure play card issuer SBI Cards and Payment Services reported a 22.5 per cent year-on-year (YoY) drop in net profit in the April-June quarter of FY22 due to higher provisions and a dip in interest income. Its net profit dropped to Rs 305 crore in Q1FY22 compared to Rs 393 crore in the year-ago period. But, sequentially, its net profit was up 73.6 per cent.

While the interest income of the company was down 18.4 per cent YoY to Rs 1,153 crore, total income was up 11.6 per cent YoY to Rs 2,451 crore. Also, revenue from operations was up