SBI Cards and Payment Services reported 11.05% increase in net profit to Rs 662.37 crore on 14.25% rise in total income to Rs 4,474.57 crore in Q4 FY24 over Q4 FY23.
Profit before tax stood at Rs 888.16 crore in the March 2024 quarter, registering a growth of 11.07% YoY.
Interest income increased 27.88% to Rs 2,138.66 crore in Q4 FY24 from Rs 1,672.35 crore in Q4 FY23. Non-interest income (fees, commission & others) grew by 5.69% to Rs 2,209 crore in Q4 FY24 from Rs 2,090 crore in Q4 FY23.
Finance costs climbed 42.8% YoY to Rs 724 crore while total operating cost declined 3.13% YoY to Rs 1,918 crore during the period under review.
Impairment on financial instruments jumped 49.84% to Rs 944 crore in Q4 FY24 from Rs 630 crore in Q4 FY23.
The firm's return on average assets (ROAA) and return on average equity (ROAE) stood at 4.7% and 22.2%, respectively in the quarter ended 31 March 2024.
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On full year basis, the NBFCs net profit rose 6.61% to Rs 2,407.88 crore on 22.38% jump in total income to Rs 17,483.50 crore in FY24 over FY23.
On asset quality front, gross non-performing assets were at 2.76% of gross advances as of 31 March 2024 as against 2.35% as of 31 March 2023. Net non-performing assets were at 0.99% as of 31 March 2024, as against 0.87% as of 31 March 2023.
As of 31 March 2024, the company's CRAR was 20.5% compared to 23.1% as of 31 March 2023. Tier I capital was 16.5% as of 31 March 2024, compared to 23.1% as of 31 March 2023.
Total gross advances (credit card receivables) as of 31 March 2024 stood at Rs 50,846 crore as compared with Rs 40,722 crore as of 31 March 2023.
Net worth as of 31 March 2024 was at Rs 12,156 crore as against Rs 9,902 crore as of 31 March 2023.
SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle. The brand has a wide base of around 18.5 MM+ cards in force as of Q3 FY24.
The scrip fell 1.02% to close at Rs 750.40 on Friday, 26 April 2024.
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