SBI Card Q3 results: PAT rises 8% to Rs 549 crore

SBI Cards' Gross non-performing (GNPA) assets were at 2.64 percent of gross advances as of December 31, 2023, rising from 2.35 percent as of March 31, 2023

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SBI Card and Payment Services on January 25 reported an eight percent rise in its net profit at Rs 549 crore in the December quarter of the financial year (FY) 2023-24, from Rs 509 crore recorded in the year-ago period.

SBI Card Gross non-performing (GNPA) assets were at 2.64 percent of gross advances as of December 31, 2023, rising from 2.35 percent as of March 31, 2023. Net non-performing assets were at 0.96 percent as of December 31, 2023, as against 0.87 percent as of March 31, 2023.

Revenue increased 30 percent on year to Rs 4,742 crore from Rs 3,656 crore in Q3 FY23.

SBI Card total balance sheet size as of December 31, 2023, at Rs 55,576 crore as against Rs 45,546 crore as of March 31, 2023. However, the SBI Card market share for FY24 Card-in-force is 18.9 percent, and spends 18.3 percent in industry. SBI Card in new accounts volume was down by 33 percent at 1,096, 000 in Q3 FY24 from 1,634, 000 in Q3 FY23

SBI Card non-interest income (Fees, Commission & others) increased by 34 percent at Rs 2,539 crore in Q3 FY24 from Rs 1,898 crore in Q3 FY23.