SBI Card Q3 profit rises 32% to ₹509 crore; bad loans decline
(PTI) SBI Cards and Payment Services Ltd on Tuesday reported a 32 per cent rise in its December quarter net profit at ₹509 crore.
The pure-play credit card company, promoted by SBI, had posted a net profit of ₹386 crore during the corresponding period of the previous financial year.
The company’s total income grew marginally to ₹3,656 crore during October-December 2020, against ₹3,140 crore in the year-ago period, it said in a regulatory filing.
Total Operating cost increased by 15 per cent at ₹1,974 crore for the third quarter of FY23 from ₹1,719 crore in FY22, it said.
Its gross non-performing assets (NPA) declined to 2.22 per cent during the quarter under review as against 2.40 per cent a year ago.
The net NPA too eased to 0.80 per cent from 0.83 per cent at the end of December quarter of previous financial year.
As a result, impairment losses and bad debts expenses decreased by 15 per cent at ₹533 crore from ₹625 crore in FY22.
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