SBI Cards and Payment Services Ltd on October 29 reported 33% decrease in net profit at Rs 404 crore for the quarter ended September 30, 2024, as bad loans write-offs and provisions rose. It reported net profit of Rs 603 crore in the year-ago period.
SBI Card total income rose 8% to Rs 4,556 crore in Q2FY25 as compared to Rs 4,221 crore in Q2FY24.
At 3:25 pm on October 29, SBI Card shares were trading nearly 5% higher at Rs 700 apiece.
SBI Card, backed by State Bank of India, said that write-offs and provisions for bad loans jumped 63% to Rs 1,212 crore for the quarter.
Its non-performing assets as a percentage of gross advances worsened to 3.27% at the end of September from 2.43% a year earlier.
Cards-in-force, or the sum of all credit cards issued, rose 10% from the year earlier at the end of September.
Spends by cardholders, or the aggregate amount transacted, grew 3% to Rs 81,893 crore.
Indian lenders have been grappling with elevated bad loans in unsecured segments like credit card.
With inputs from Reuters
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
