SBI Cards Q1 profit shrinks 22% to Rs 305 crore
The total income of SBI Card during the quarter rose to Rs 2,451 crore as against Rs 2,196 crore a year ago
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.