SBI Card Q4 results: Net profit rises 11% to Rs 662 crore

SBI cards and Payment Services

SBI Cards and Payment Services on April 26 reported an 11.05 percent rise in its net profit at Rs 662.37 crore in the March quarter of the financial year (FY) 2023-24, from Rs 596.47 crore recorded in the year-ago period.

The company's Gross NPA and Net NPA as of March 31, 2024 is 2.76 percent and 0.99 percent, respectively, as compared to 2.35 percent and 0.87 percent, respectively as of March 31, 2023.

Further as of March 31 , 2024, the Company holds total expected credit loss on loan balances of Rs 1,766.64 crores, as compared to Rs 1,360.64 crores
as of March 31 , 2023.

Revenue from operations increased 15.6 percent on year to Rs 4,347.72 crore from Rs 3,762.1 6 crore in Q4 FY23.

Interest income increased by 28 percent at Rs 2,139 crore in Q4FY24, as compared to Rs 1,672 crore in Q4FY23.

Fees and commission income increased by 6 percent at Rs 2,209 crore in Q4FY24, as compared to Rs 2,090 crore in Q4FY23.

Total Balance Sheet size as of March 31, 2024 was Rs 58,171 crore as against Rs 45,546 crore as of March 31, 2023. Total Gross Advances (Credit card receivables) as of March 31, 2024 were Rs 50,846 crore, as against Rs 40,722 crore as of March 31, 2023, release said.