The Board of Directors of
SBI Cards and Payment Services Limited approved the Company’s results for the quarter ended June 30, 2021, at their meeting held on Friday, July 23, 2021.
Performance Highlights Q1 FY22
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Profit after tax at ₹305 Cr for Q1 FY22
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Total Income at ₹2,451 Cr for Q1 FY22
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ROAA at 4.5% for Q1 FY22
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ROAE at 18.7% for Q1 FY22
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Capital Adequacy Ratio at 26.1% (Q1 FY21: 24.4%); Tier 1 at 22.6% (Q1 FY21: 20.1%)
Key Metrics
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New accounts volume at 609K accounts for Q1 FY22 up by 111% as of 288K accounts for Q1 FY21
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Card-in-force grew by 14% to 1.20 Cr as of Q1 FY22 vs 1.06 Cr as of Q1 FY21
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Spends grew by 74% at ₹33,260 Cr for Q1 FY22 vs ₹19,085 Cr for Q1 FY21
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Market share Q1 FY22 (available till May’21) – Card-in-force at 19.2% (Q1 FY21: 18.5%);
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Spends* at 18.9% for Q1 FY22 (Q1 FY21: 19.9%)
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Receivables grew by 5% to ₹24,438 Cr as of Q1 FY22 vs ₹23,330 Cr as of Q1 FY21
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GNPA at 3.91% as of Q1 FY22 vs 1.35% as of Q1 FY21; NNPA at 0.88% as of Q1 FY22 vs 0.43% as of Q1 FY21
Profit & Loss Account for the Quarter ended June 30, 2021
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Total income at ₹2,451 Cr for Q1 FY22 vs ₹2,196 Cr for Q1 FY21. This movement was a result of the following key factors:
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Interest income at ₹1,153 Cr for Q1 FY22 vs ₹1,414 Cr for Q1 FY21
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Income from fees and services increased by ₹431 Cr to ₹1,099 Cr for Q1 FY22 vs ₹668 Cr for Q1 FY21
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Other income increased by ₹47 Cr, or 114% to ₹89 Cr for Q1 FY22 vs ₹42 Cr for Q1 FY21.
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Finance costs decreased by ₹46 Cr, or 16.6% to ₹229 Cr for Q1 FY22 from ₹275 Cr for Q1 FY21.
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Total Operating cost ₹1,166 Cr for Q1 FY22 from ₹907 Cr for Q1 FY21.
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Earnings before credit costs increased by 4% at ₹1,056 Cr for Q1 FY22 vs ₹1,014 Cr for Q1 FY21 and up by 12 % as compared to Q4 FY21 for ₹939 Cr
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Total Management overlay provision at ₹258 Cr as on Jun’21. Impairment losses & bad debts expenses for Q1 FY22 at ₹645 Cr vs ₹485 Cr for Q1 FY21 and vs ₹705 Cr for Q4 FY21
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Profit before tax ₹410 Cr for Q1 FY22 vs ₹528 Cr for Q1 FY21 and increased by ₹176Cr or 75% in Q1 FY22 vs ₹234 Cr for Q4 FY21
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Profit after tax ₹305 Cr for Q1 FY22 vs ₹393 Cr for Q1 FY21 and increased by ₹129 Cr 74% in Q1 FY22 vs ₹175 Cr for Q4 FY21
Profit & Loss Account for the first quarter ended June 30, 2021
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For the quarter ended June 30, 2021 total income at ₹2,451 Cr for Q1FY22 vs ₹2,196 Cr for Q1FY21.
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Finance costs decreased by ₹46 Cr, or 16.6% to ₹229 Cr for Q1FY22 from ₹275 Cr for Q1FY21.
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Total Operating cost is ₹1,166 Cr for Q1FY22 from ₹907 Cr for Q1FY21.
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Earnings before credit costs increased by ₹42 Cr, or 4% to ₹1,056 Cr for Q1FY22 from ₹1,014 Cr for Q1FY21.
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Impairment losses & bad debts expenses* for the period at ₹645 Cr vs ₹485 Cr for Q1FY21.
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Profit before tax at ₹410 Cr for Q1FY22 vs ₹528 Cr for Q1FY21.
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Profit after tax at ₹305 Cr for Q1FY22 vs ₹393 Cr for Q1FY21.
Balance Sheet as of June 30, 2021
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Total Balance Sheet size as of June 30, 2021 was ₹26,608 Cr as against ₹24,260 Cr as of June 30, 2020.
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Total Gross Advances (Credit card receivables) as of June 30, 2021 were ₹24,438 Cr, as against ₹23,330 Cr as of June 30, 2020.
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Net worth as of June 30, 2021 was ₹6,687 Cr as against ₹5,722 Cr as of June 30, 2020.
Asset Quality
The Gross non-performing assets were at 3.91% of gross advances as on June 30, 2021 as against 1.35% as on June 30, 2020. Net non-performing assets were at 0.88% as against 0.43% as on June 30, 2020.
Capital Adequacy
As per the capital adequacy norms issued by the RBI, Company’s capital to risk ratio consisting of tier I and tier II capital should not be less than 15% of its aggregate risk weighted assets on - balance sheet and of risk adjusted value of off-balance sheet items. As of June 30, 2021, Company’s CRAR was 26.1% compared to 24.4% as of June 30, 2020.
The tier I capital in respect of an NBFC-ND-SI, at any point of time, is required to be not be less than 10%. Company’s Tier I capital was 22.6.% as of June 30, 2021 compared to 20.1% as of June 30, 2020.
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