SBI Card Q2 net profit jumps 52% to Rs 526 crore on low provisions

Impairment losses and bad debts declined 8 per cent YoY to Rs 546 crore, but increased 21 per cent sequentially

SBI Card and Payments Services reported a 52 per cent jump in net profit in the July-September (Q2FY23) quarter to Rs 526 crore, thanks to a spike in income and lower provisions. In the year-ago period, it had reported a net profit of Rs 345 crore.

The company, however, missed the Street estimates on net profit as analysts at Bloomberg had predicted a net profit of Rs 627 crore.

Its total income grew 28 per cent year-on-year (YoY) to Rs 3,453 crore in Q2 as interest income increased by 26.5 per cent, fees and services income rose by 29.5 per