Stock Market update: SBI Cards shares surges by 3% post Q3 results

Stocks of SBI Cards rose by 3% to ₹842.60 per equity share against the previous close at ₹814.90 per share, in today’s early trade.

The shares of  SBI Cards & Payment Services increased by 3% at ₹842.60 per share against the previous close at ₹814.90 per share, in today’s early trade.

SBI Cards and Payment Services on Monday reported 84% jump in net profit at ₹386 crore for December quarter 2021-22 on the back of healthy card spending, fall in bad loans and higher income from other sources.


The pure-play credit card issuer promoted by the country’s largest lender SBI had posted a net profit of ₹210 crore in the year-ago same quarter. Total revenues of the company rose 24% to ₹3,140 crore during the quarter under review as against ₹2,540 crore in the same period of 2020-21, SBI Card said in a release.

The increase in income was primarily due to higher income from fees and services during the quarter, SBI Card said. On the other key metrics, the company witnessed 10% growth in new accounts volume at 10,08,000 as against 9,18,000 in the year-ago quarter.

Card-in-force grew 15% to 1.32 crore and total spending surged 47% to ₹55,397 crore. Receivables rose 13% to ₹29,129 crore from ₹25,749 crore in the year-ago period. The company’s asset quality improved as gross non-performing assets (NPAs) fell to 2.40% of gross credit as against 4.51% as of the third quarter of 2020-21. Net NPAs fell to 0.83% against 1.60%

However, there was an increase of 6% to its finance cost during the quarter at ₹277 crore, while total operating cost was higher by 28% to ₹1,719 crore. “Total gross advances of the company (credit card receivables) at end of December 2021 stood at ₹29,129 crore as against ₹25,114 crore as of March 31, 2021,” SBI Card said. SBI Card stock closed at ₹814.10 on BSE, down 4.28% from the previous close.