SBI Card Q2 net profit jumps 52% to Rs 526 crore

SBI Cards and Payment Services Ltd (SBI Card) on Thursday reported a 52 per cent jump in its net profit to Rs 526 crore for the quarter ended September on higher income.

The pure-play credit card company promoted by the country's largest lender State Bank of India (SBI) had reported a net profit of Rs 345 crore in the previous quarter a year earlier.

The total income in the second quarter of the current fiscal rose 28 per cent to Rs 3,453 crore from Rs 2,695 crore a year ago, SBI Card said in a regulatory filing.

The interest income grew 27 per cent to Rs 1,484 crore, while income from other sources jumped 29 per cent to Rs 1,813 crore.

There was improvement in the company's asset quality with the gross non-performing assets falling to 2.14 per cent of the gross advances as of September from 3.36 per cent a year earlier. Net NPAs (bad loans) too declined to 0.78 per cent from 0.91 per cent.

On capital adequacy, the company said the ratio stood at 23.2 per cent at the end of the second quarter of this fiscal. In the year-ago quarter, it was 25 per cent.