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SBI Card and Payment Services Q4 profit slips 66% YoY to Rs 83.5 crore

Gross non-performing assets (GNPA) improved by 43bps to 2.01 per cent, the company said.

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Coronavirus | SBI Card

SI Reporter  |  New Delhi 

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The company has also declared interim dividend of Re 1 per equity share (10 per cent) of the face value of Rs 10 per equity share for the financial year 2019-20.

and Payment Services posted on Friday a 66 per cent decline in its net profit at Rs 83.5 crore for the quarter ended March 2020 (Q4FY20). It had posted profit of Rs 248.7 crore in the year-ago quarter.

"The Covid-19 global pandemic has given rise to unprecedented challenges in the economic situation. The Government of India mandated a nation-wide “Lockdown” from March 25, 2020. To ease the financial burden, the RBI allowed institutions to extend a payment moratorium from March 01, 2020 to May 31, 2020 for its customers. has also complied with RBI guidelines on the same," said the company.

"Considering the possible effects from the pandemic relating to COVID-19, Company have performed sensitivity analysis and based on current estimates have created specific COVID-19 related provision of Rs 489 crore," it said.

Profit before tax (PBT) came in at Rs 112 crore, down 70.9 per cent from Rs 384.9 crore in the year-ago period.

Total revenue from operations grew 22.6 per cent year-on-year (YoY) to Rs 2,433.24 crore.

Basic earnings per share (EPS) stood at Re 0.89 in the quarter under review against Rs 2.67 in the corresponding quarter of the previous fiscal.

The company has also declared interim dividend of Re 1 per equity share (10 per cent) of the face value of Rs 10 per equity share for the financial year 2019-20. "The record date for the purpose of determining the entitlement of payment of Interim Dividend is Monday, May 18, 2020 and the said interim dividend will be credited/ dispatched within 30 days of this board meeting," the company said.

For the fiscal year 2019-20, net profit grew 44 per cent to Rs 1,245 crore. Excluding Covid-19 impact, the numbers grew 92 per cent at Rs 1,662 crore.

Return on average assets (ROAA) increased by 64 basis points (bps) at 5.5 per cent. Capital Adequacy Ratio (CAR) stood at 22.4 per cent against 20.1 per cent in FY19. Gross non-performing assets (GNPA) improved by 43bps to 2.01 per cent, the company said in its press release.

Shares of the company settled over 2 per cent lower at Rs 561.45 apiece on the BSE as compared to 0.63 per cent rise in the S&P BSE Sensex.

First Published: Fri, May 08 2020. 16:36 IST
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