SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a marginal increase in its net profit to Rs 596 crore in the quarter ended March 2023. The pure-play credit card issuer had reported a net profit of Rs 581 crore in the same quarter of the previous fiscal.
The company's total income during the January-March period of 2022-23 rose to Rs 3,917 crore against Rs 3,016 crore in the year-ago period, SBI Card said in a regulatory filing.
Its interest income increased to Rs 1,672 crore in the quarter under review from Rs 1,266 crore a year ago, while the income from fees and commissions rose to Rs 2,090 crore compared to Rs 1,584 crore, it said.
For the entire 2022-23, the net profit of the card company promoted by SBI jumped 40 per cent to Rs 2,258 crore against Rs 1,616 crore in 2021-22.
The total income during the year grew to Rs 14,286 crore from Rs 11,302 crore in FY22.
The company's gross NPA (non-performing assets) and net NPA as on March 31, 2023, were 2.35 per cent and 0.87 per cent, respectively, compared to 2.22 per cent and 0.78 per cent a year ago, SBI Card said.
The impairment losses and bad debts expenses increased by 60 per cent to Rs 630 crore in Q4 FY23 against Rs 393 crore a year ago.
The net worth of the company increased to Rs 9,902 crore compared to Rs 7,824 crore as of March 31, 2022.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
