SBI Cards and Payment Services tanks 7 per cent on muted Q2 earnings

SBI Card reported a modest quarter with net earnings impacted due to higher provisions.

Shares of SBI Cards and Payment Services plunged 7 per cent to Rs 800 on the BSE in Friday’s intra-day trade after the company reported a modest set of earnings for Q2 after market hours yesterday.

The company reported net interest income (NII) growth of 21.4 per cent year-on-year (YoY) and 3.4 per cent quarter-on-quarter (QoQ) at Rs 1,116 crore.

Net profit was up 52.4 per cent YoY and down 16.4 per cent QoQ to Rs 526 crore. The higher YoY profit growth was due to a spike in income and lower provisions. The company, however, missed the