SBI Cards and Payment Services' consolidated net profit surged 67.30% to Rs 344.90 crore on a 6.67% increase in total revenue from operations to Rs 2,576.24 crore in Q2 FY22 over Q2 FY21, due to a higher income from fees and services during Q2 FY22.
Finance costs decreased by Rs 10 crore, or 4% to Rs 254 crore during Q2 FY22 from Rs 264 crore for Q2 FY21. The total operating cost increased by Rs 277 crore, or 25% to Rs 1,383 crore in Q2 FY22 from Rs 1,106 crore in Q2 FY21, on account of higher business volumes in Q2 FY22.
Earnings before credit costs stood at Rs 1,058 crore for Q2 FY22 over Rs 1,140 crore for Q2 FY21, recording a fall of 7.19% Y-o-Y. Total Management overlay provision was at Rs 231 crore as on September 2021. Impairment losses & bad debts expenses for Q2 FY22 stood at Rs 594 crore as compared to Rs 862 crore for Q2 FY21, registering a drop of 31.09% Y-o-Y.
New accounts volume was at 9,53,000 in Q2 FY22, rising 39% as compared to 6,88,000 during Q2 FY21. Card-in-force grew 14% to 1.26 crore as of Q2 FY22 as against 1.10 crore as of Q2 FY21. Retail spends jumped 41% to Rs 35,070 crore in Q2 FY22 over Rs 24,863 crore in Q2 FY21. Corporate spends surged 80% to Rs 8,491 crore in Q2 FY22 from Rs 4,728 crore in Q2 FY21. Receivables grew 12% to Rs 26,741 crore as of Q2 FY22 as against Rs 23,978 crore as of Q2 FY21.
The gross non-performing assets (GNPA) were at 3.36% of gross advances as on 30 September 2021 as against 7.46% as on 30 September 2020. Net non-performing assets (NNPA) were at 0.91% as against 2.70% as on 30 September 2020.
Shares of SBI Cards and Payment Services declined 3.81% to Rs 1,081.65 on BSE. SBI Card is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients
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