SBI Card and Payment Services reported a profit after tax of Rs 594.45 crore for the quarter ended June 30, 2024, which was flat on a year-on-year basis, while witnessing a 10% fall on a quarter-on-quarter basis versus Rs 662.37 crore.
The revenue from operations for the reported quarter stood at Rs 4,359 crore, up 11% on YoY versus Rs 3,912 crore in the corresponding quarter of the last financial year. It was flat on a QoQ basis.
Read More: Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On July 27
The interest income of SBI Card stood at Rs 2,243 crore in Q1FY25 up by 24% YoY and 5% QoQ.
The company’s earnings before credit cost stood at Rs 1,900 crore, up 25% on a QoQ basis. It witnessed a 4% QoQ uptick.
The company reported April-June quarter provisions at Rs 132 crore up by 63% on a QoQ basis versus Rs 81 crore in Q4FY24.
Read More: Gold, Silver Prices Today: Check Latest Bullion Rates In Your City on July 27
It was up 36% on a YoY basis. Gross write-offs for the reported quarter stood at Rs 969 crore versus Rs 864 crore in Q4FY24, which was 12% higher. On the YoY basis, it was a 56% jump.
Company’s gross non-performing assets (GNPA) was reported at 3.06% in Q1FY25 versus 2.76% in Q4FY24, a 30 bps QoQ uptick. On a YoY basis it was up by 65 bps.
Meanwhile, net non-performing assets (NNPA) was reported at 1.11% versus 0.99% in Q4FY24. It was higher by12 bps and 22 bps on a QoQ and YoY basis, respectively.
Read More: India’s Digital Payments Record Double-Digit Growth: RBI Data
New accounts moderated in the current quarter at 9.04 lakh, down by 18% and 12% on a YoY and QoQ basis, respectively.
SBI Card’s receivable in the reported quarter stood at Rs 52,705 crore. It was up 22% YoY and 4% on a QoQ basis.
