SBI Card and Payment Services Q4 profit slips 66% YoY to Rs 83.5 crore

Gross non-performing assets (GNPA) improved by 43bps to 2.01 per cent, the company said.

SBI Card and Payment Services posted on Friday a 66 per cent decline in its net profit at Rs 83.5 crore for the quarter ended March 2020 (Q4FY20). It had posted profit of Rs 248.7 crore in the year-ago quarter. 

"The Covid-19 global pandemic has given rise to unprecedented challenges in the economic situation. The Government of India mandated a nation-wide “Lockdown” from March 25, 2020. To ease the financial burden, the RBI allowed institutions to extend a payment moratorium from March 01, 2020 to May 31, 2020 for its customers. SBI Card has also complied with RBI guidelines on the same,"