Mumbai. SBI Cards and Payments Services Limited released its July-September quarter results on Friday. The company posted a 15% year-on-year (YoY) increase in its net profit at ₹603 crore, compared to ₹526 crore recorded during the same quarter last fiscal year. SBI Card registered a 21% YoY growth in cards in force at 1.79 crore during Q2FY24 from 1.48 crore during the year-ago period.
The company noted a
significant jump in revenues which witnessed a 22% growth to ₹4,221 crore from ₹3,453 crore recorded during Q2FY23.
Sequentially,
the net profit recorded
a growth of 2% from ₹593 crore during the
quarter ending June 2023. The revenue during the previous quarter stood
at ₹4,046 crore, implying
a sequential growth of 4%.
Asset Quality
The gross non-performing assets of SBI Cards and Payment Services stood at 2.43% of gross advances at the end of the September quarter, which is slightly higher than 2.35% as of March 31, 2023. The net npa were at 0.89% at the end of Q2FY24 as against 0.87% at the end of fiscal year 2023. During the quarter, the capital adequacy ratio of the company stood at 23.3%, which was higher than the 23.1% recorded during the end of the previous fiscal year.
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