SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a 22% decline in net profit to Rs 305 crore in the first quarter ended June 30. The card issuance company had reported a net profit of Rs 393 crore in the April-June quarter of the previous fiscal.
The total income of SBI Card during the quarter rose to Rs 2,451 crore as against Rs 2,196 crore a year ago, it said in a regulatory filing.
The interest income declined to Rs 1,153 crore from Rs 1,412 crore in the same quarter a year ago, while income from fees and services rose to Rs 1,099 crore from Rs 668 crore in the first quarter of 2020-21. Other income doubled to Rs 89 crore from Rs 43 crore in the year-ago period.
The company’s gross non-performing assets more than doubled to 3.91% of gross advances as on June 30, 2021 as against 1.35% as on June 30, 2020.
Total gross advances (credit card receivables) were Rs 24,438 crore by the end of the June quarter against Rs 23,330 crore in the same period last fiscal.
Published: July 23, 2021, 19:47 IST
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