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 Cards

It reported a 28 per cent year-on-year (YoY) growth in total income to Rs 3,453 crore in Q2FY23 as interest income increased by 26.5 per cent YoY, fees and services income increased by 29.5 per cent, and other income increased by 31 per cent YoY.

Subrata Panda
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

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First Published: Oct 27 2022 | 8:46 PM IST

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