Covid-19 impact: SBI Cards' pre-tax profit dips 71% to Rs 112 cr in Q4 FY20

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 first quarterly result of SBI Cards and Payment Services (SBI Cards) after its debut on bourses in March, saw an all-round hit of Covid-19 pandemic.

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