SBI Card results: Q4 net profit surges over 11% to ₹662 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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SBI Cards and Payment Services Ltd recorded an 11.5% jump on a year-on-year (YoY) basis in its net profit to ₹662.4 crore in the January-March period in the financial year 2023–24. The SBI credit card subsidiary firm reported a net profit of ₹596.5 crore in Q4FY23.

#4QWithCNBCTV18 | SBI Cards reports #Q4 earnings

– Net profit up 11.5% at ₹662.4 cr vs ₹596.5 cr (YoY)

– Revenue up 15.6% at ₹4,347.7 cr vs ₹3,762.2 cr (YoY) pic.twitter.com/40BQjXlTM9

— CNBC-TV18 (@CNBCTV18Live) April 26, 2024

SBI Card revenue also rose by 15.6% YoY to ₹4,347.7 crore in Q4FY24, compared to ₹3,762.2 crore in Q4FY23.

SBI Card interest income surged by 28% to ₹2,139 crore in the January-March quarter and its fees and commission income grew by 6% to ₹2,209 crore in the fourth quarter, the SBI credit card arm said in a statement.

For the entire 2023-24 financial year, net profit came in at ₹2,408 crore, climbing 7% from ₹2,258 crore in fiscal 2022-23.

SBI Card total income increased by 22% to ₹17,484 crore in FY24, as against ₹14,286 crore in FY23.

SBi Card’s balance sheet as of March 31, 2024, was ₹58,171 crore compared to ₹45,546 crore a year ago.

The gross non-performing assets were at 2.76% of gross advances as of March 31, 2024, as against 2.35% as of March 31, 2023. Net non-performing assets were at 0.99% as of March 31, 2024, as against 0.87% as of March 31, 2023.

Shares of SBI Card closed at ₹750 apiece, down well over a percent on the NSE. So far this year, SBI Card stock price has corrected more than 2% compared to a Nifty gain of 3%. The one-year return on the scrip is negative at 4.3%, against a Nifty gain of 25%.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow