Home > Business > SBI Card reports marginal rise in Q4 net profit to Rs 596 cr

SBI Card reports marginal rise in Q4 net profit to Rs 596 cr


NEW DELHI, APR 28, 2023

SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a marginal increase in its net profit to Rs 596 crore in the quarter ended March 2023 as against a net profit of Rs 581 crore reported in the same quarter of the previous fiscal.

The company’s total income during the January-March period of 2022-23 rose to Rs 3,917 crore against Rs 3,016 crore in the year-ago period, SBI Card said in a regulatory filing.

Its interest income increased to Rs 1,672 crore in the quarter under review from Rs 1,266 crore a year ago, while the income from fees and commissions rose to Rs 2,090 crore compared to Rs 1,584 crore, it said.

For the FY 2022-23, the net profit of the SBI Card promoted by SBI jumped 40 per cent to Rs 2,258 crore against Rs 1,616 crore in 2021-22.

The total income during the year grew to Rs 14,286 crore from Rs 11,302 crore in FY22.

The company’s gross NPA (non-performing assets) and net NPA as on March 31, 2023, were 2.35 per cent and 0.87 per cent, respectively, compared to 2.22 per cent and 0.78 per cent a year ago, SBI Card said.

The net worth of the company increased to Rs 9,902 crore compared to Rs 7,824 crore as of March 31, 2022.

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