SBI Card Q3 Profit rises 32% to ₹509 crore, bad loans decline

According to a regulatory filing, the company’s overall income increased slightly to ₹3,656 crore for October-December 2020, up from ₹3,140 crore the previous year.

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SBI Cards and Payment Services Ltd recorded a 32% increase in net profit for the December quarter to ₹509 crore on Tuesday.

The pure-play credit card firm, marketed by SBI, earned a net profit of ₹386 crore during the previous fiscal year’s similar quarter.

According to a regulatory filing, the company’s overall income increased slightly to ₹3,656 crore for October-December 2020, up from 3,140 crore the previous year.

Total operating costs climbed by 15% to ₹1,974 crore in the third quarter of FY23, up from ₹1,719 crore in FY22.

Its gross non-performing assets (NPA) fell to 2.22 percent in the current quarter, down from 2.40 percent the previous year.

The net NPA also decreased to 0.80% from 0.83 percent at the conclusion of the previous fiscal year’s December quarter.

As a consequence, impairment losses and bad loan expenditures fell 15% to ₹533 crore from ₹625 crore in FY22.