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SBI Cards and Payment Services (SBI Card), country’s largest pure play credit card issuer, on Tuesday reported a 33 percent decline in net profit for the quarter ended September 30, 2024 at ₹404 crore (₹603 crore).
The latest bottomline was also 32 per cent lower than the net profit of ₹ 594 crore recorded in the first quarter ended June 30,2024, company filing with stock exchanges showed.
Total revenue from operations for the quarter under review increased 8 percent to ₹4,421 crore (₹ 4,087 crore). This was 1 per cent higher than total revenue from operations of ₹ 4,359 crore recorded in June quarter.
Impairment losses and bad debts expenses increased by 63 percent at ₹ 1,212 crore (₹ 742 crore).
Finance costs increased by 30 percent at ₹ 788 crore in September 2024 quarter as compared to ₹ 605 crore in the same quarter last fiscal due to higher receivables.
While the cards-in-force grew by 10 percent to 1.96 crore (1.79 crore), new accounts volume stood at 9,04,000 (1,14,200).
Asset Quality
The Gross non-performing assets (GNPA) stood at 3.27 percent of gross advances as of September 30, 2024, as against
2.43 percent as of September 30, 2023. Net non-performing assets were at 1.19 percent as of September 30, 2024, as against 0.89 percent as of September 30, 2023, company filings showed.
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