SBI Card Q2 Net Down 33% to ₹ 404 crore

KR Srivats Updated - October 30, 2024 at 12:34 PM.

Total revenue from operations up 8 per cent in Q2 to ₹ 4,421 crore

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.

Published on October 29, 2024 15:05

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