 "SBI Card Q3FY24 results: PAT rises 8% to Rs 549 cr, revenue up 30%")
The State Bank of India-backed credit card services provider SBI Card and Payment Services, on Thursday, reported an increase of 8 per cent year-on-year (Y-oY) in its net profit at Rs 549 crore for the September- December quarter of the financial year 2024 (Q3FY24). The non-banking financial company (NBFC) recorded net profit of Rs 509 crore in Q3FY23.
SBI Card's revenue increased 30 per cent Y-o-Y to Rs 4,742 crore from Rs 3,656 crore in Q3FY23, the company said in a statement.
For the nine-month perios from April to December 2023, the company recorded a total income of Rs 13,009 crore, which is an increase of 25 per cent, compared to Rs 10,372 crore for the same period in the previous financial year (FY 2022-23).
According to the statement, SBI Card gross non-performing (GNPA) assets were at 2.64 per cent of gross advances as of December 31, 2023, rising from 2.35 per cent as of March 31, 2023. Net non-performing assets were at 0.96 per cent as of December 31, 2023, as against 0.87 per cent as of March 31, 2023.
According to the statement, SBI Card gross non-performing (GNPA) assets were at 2.64 per cent of gross advances as of December 31, 2023, rising from 2.35 per cent as of March 31, 2023. Net non-performing assets were at 0.96 per cent as of December 31, 2023, as against 0.87 per cent as of March 31, 2023.
The company further said in the statement finance costs rose 50 per cent at Rs 695 crore in the third quarter from last year which was Rs 464 crore.
Aggregate amount spent by cardholders grew 41 per cent and card-in-force, the sum of all credit cards issued by the company, grew 16 per cent from the year-ago period.