Q2 Results: SBI Cards Net Profit Declines 33%, Rev Up 8%
Net profit of SBI Cards and Payment Services were down by 33% in the September quarter.
Q2 Results: SBI Cards Net Profit Declines 33%, Rev Up 8%
SBI Cards and Payment Services reported its Q2 (July-Sep) numbers today. The net profit of the credit card issuing company dropped past 33% due to rise in provisions and write-offs.
Write-offs and provisions for bad loans elevated at ₹1,212 cr, a jump of 63% as compared to the same quarter a year ago.
While profit after tax (PAT) fell to ₹404 cr for this quarter, gross non-performing assets (GNPAs) worsened to 3.27% as compared to 2.43% a year earlier.
Revenue from operations stood at ₹4,421 crore, up by 8% a year earlier in the same quarter. Spends by cardholders, or the aggregate amount transacted grew to ₹81,893 cr.
Shares of SBI Cards and Payment Services ended at ₹692, up by 3.66% in today’s trading session
