SBI Cards and Payment Services gained 3.91% to Rs 845.90 after the company reported an 84% jump in net profit to Rs 385.7 crore on a 23.6% rise in total income to Rs 3,139.66 crore in Q3 FY22 over Q3 FY21.
SBI Cards said increase in revenue was primarily due to higher Income from fees and services in Q3 FY22. Profit before tax grew by 83% to Rs 518 crore in Q3 FY22 over Q3 FY21. Earnings before credit costs increased by 23% to Rs 1,144 crore in Q3 FY22 as compared to Q3 FY21.Total operating cost rose 28% year on year to Rs 1,719 crore in Q3 FY22, due to higher business volumes & festive campaigns. Finance costs increased by 6% to Rs 277 crore in Q3 FY22 from RS 261 crore in Q3 FY21.
On the asset quality front, gross non-performing assets were at 2.40% of gross advances as on 31 December 2021 as against 4.51% as on 31 December 2020. Net non-performing assets were at 0.83% as against 1.60% as on 31 December 2020. Total Gross Advances (credit card receivables) as of 31 December 2021 were Rs 29,129 crore, as against Rs 25,114 crore as of 31 March 2021. As of 31 December 2021, the company's capital adequacy ratio was 24.2% as of 31 December 2021 compared to 23.7% as of 31 December 2020.
Card-in-force grew by 15% to 1.32 crore as of Q3 FY22 versus 1.15 crore as of Q3 FY21. Total spends grew by 47% to Rs 55,397 crore in Q3 FY22 from Rs 37,797 crore in Q3 FY21.
SBI Card is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU