SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a marginal increase in its net profit to Rs 596 crore in the quarter ended March 2023.
The pure-play credit card issuer's interest income increased to Rs 1,672 crore in the quarter under review from Rs 1,266 crore a year ago
SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a marginal increase in its net profit to Rs 596 crore in the quarter ended March 2023.
The pure-play credit card issuer had reported a net profit of Rs 581 crore in the same quarter of the previous fiscal.
The company's total income during the January-March period of 2022-23 rose to Rs 3,917 crore against Rs 3,016 crore in the year-ago period, SBI Card said in a regulatory filing.
Its interest income increased to Rs 1,672 crore in the quarter under review from Rs 1,266 crore a year ago, while the income from fees and commissions rose to Rs 2,090 crore compared to Rs 1,584 crore, it said.
For the entire 2022-23, the net profit of the card company promoted by SBI jumped 40 per cent to Rs 2,258 crore against Rs 1,616 crore in 2021-22.
The total income during the year grew to Rs 14,286 crore from Rs 11,302 crore in FY22.
The company's gross NPA (non-performing assets) and net NPA as on March 31, 2023, were 2.35 per cent and 0.87 per cent, respectively, compared to 2.22 per cent and 0.78 per cent a year ago, SBI Card said.
The impairment losses and bad debts expenses increased by 60 per cent to Rs 630 crore in Q4 FY23 against Rs 393 crore a year ago.
The net worth of the company increased to Rs 9,902 crore compared to Rs 7,824 crore as of March 31, 2022.