SBI News Today: SBI Card third-quarter net profit has been recorded at Rs 386 crores. In the same period the previous year, the SBI arm saw a net profit of Rs 210 crore.
New Delhi: The State Bank of India (SBI) has recorded good performance in the quarter ending December. After a rise in SBI Life standalone profits in the third quarter by 56 per cent, SBI Card has also recorded a jump in net profits. According to a latest report by The Economic Times, SBI Card net profits jumped by 81 per cent in the third quarter of FY 2021-22.
The net profit has been recorded at Rs 386 crores. In the same period the previous year, the SBI arm saw a net profit of Rs 210 crore. The rise has been mainly attributed to a ‘healthy’ rise in card use, a fall in bad loans and high income from other sources of revenue.
One of the main reasons for the jump in the revenue was the rise in fees or services during the quarter. The revenue of the company was recorded at Rs 3,140 crore. This stood at Rs 2,540 crore in the previous year.
The Non-performing Assets (NPAs) of the bank also saw a sharp decline from 4.51 per cent in the second quarter to 2.40 per cent in the third quarter. SBI is India’s largest lender.
SBI Life Q3 Profits Rose By 56.34 Per Cent
In an earlier report, ET said that the standalone profits of SBI Life have also increased by 56 per cent in the third quarter. The company saw a rise in profits from Rs 232.85 crore to Rs 364.06 crore.
The net premium of the company rose 30.39 per cent, according to the report. The net income from premiums was Rs 18,025 crore, a big jump from Rs 13,766 crore. The rise was led by a jump in individual new business premiums. They grew by 43 per cent in the third quarter.
