With additional bad loan provisioning of Rs 489 crore factoring in Covid-related disruption, SBI Cards reported a 71 per cent year-on-year decline in pre-tax profit to Rs 112 crore in March 2020 quarter (Q4).
The company also witnessed Rs 90-crore revenue from late fee reversal during the quarter. Its net profit of the company saw a 66 per cent decline to Rs 84 crore. Had it not been for Covid-19 impact, the company would have reported a sharp 80 per cent year-on-year jump in its pre-tax profit to Rs 692 core.
The management of the company said the June quarter will get impacted because they are not able source new cards, and the collections are also down.
This also helped SBI Cards to report lower gross non-performing assets to 2 per cent as of March 2020 from 2.47 per cent December 2019 quarter. As per the management, NPAs would have gone up with ought moratorium.
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