SBI Cards net profit down 52% to Rs 210 crore in Q3, total income dips

Impairment losses and bad debts jumped 72 per cent YoY in Q3FY21 to Rs 648 crore

SBI Cards and Payments Services, the credit card arm of the lender, reported a 52 per cent decline in net profit at Rs 210 in Q3FY21, compared to Rs 434.7 crore in the corresponding period of FY20 due to lower interest income and higher provisions.

The company’s interest income declined 9 per cent year on year (YoY) to Rs 1,168 crore in Q3FY21, compared to Rs 1,282 crore in Q3FY20. Revenue from operations was also in the red, declining 3 per cent yoy in the reporting quarter to Rs 2,403 crore. However, total income of the company was down marginally