SBI Cards Q4FY24 net profit grows 11% YoY to Rs 662.37 cr
Mumbai: SBI Cards and Payment Services on Friday reported a net profit increase of 11.05 percent to Rs 662.37 crore in the March quarter of the financial year (FY) 2023-24, up from Rs 596.47 crore recorded in the corresponding period last year.
The company's Gross NPA and Net NPA as of March 31, 2024, stand at 2.76 percent and 0.99 percent, respectively, compared to 2.35 percent and 0.87 percent, respectively, as of March 31, 2023.
Moreover, as of March 31, 2024, the Company holds a total expected credit loss on loan balances of Rs 1,766.64 crores, up from Rs 1,360.64 crores as of March 31, 2023.
Revenue from operations saw a 15.6 percent year-on-year increase to Rs 4,347.72 crore from Rs 3,762.16 crore in Q4 FY23.
Interest income rose by 28 percent to Rs 2,139 crore in Q4FY24, compared to Rs 1,672 crore in Q4FY23. Fees and commission income increased by 6 percent to Rs 2,209 crore in Q4FY24, compared to Rs 2,090 crore in Q4FY23.
The total Balance Sheet size as of March 31, 2024, stood at Rs 58,171 crore, up from Rs 45,546 crore as of March 31, 2023. Total Gross Advances (Credit card receivables) as of March 31, 2024, were Rs 50,846 crore, up from Rs 40,722 crore as of March 31, 2023, according to the release.
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