New Delhi: 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 that ended in March 2023. The pure-play credit card issuer had reported a net profit of Rs 581 crore 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 entire 2022-23, the net profit of the card company promoted by SBI jumped by 40 percent 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 were 2.35 percent and 0.87 percent, respectively, compared to 2.22 percent and 0.78 percent a year ago, SBI Card said. The impairment losses and bad debts expenses increased by 60 percent to Rs 630 crore in Q4 FY23 against Rs 393 crore a year ago. 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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