SBI Cards and Payment Services (SBI Card), the country’s largest pure play credit card issuer, on Friday reported a 5.4 per cent decline in net profit for the first quarter ended June 30, 2023 at ₹593 crore (₹627 crore).
The bottomline was marginally lower than net profit of ₹597 crore recorded in the March 2023 quarter.
For the quarter under review, SBI Card recorded a total income of ₹4,046 crore, up 24 per cent over total income of ₹3,263 crore in the same quarter last year, the company’s filing with stock exchanges showed.
In the March 2023 quarter, SBI Card had recorded total income of ₹3,917 crore.