Pure-play credit card issuer SBI Cards and Payment Services Ltd on (SBI Card) Friday reported a 5.4 percent year-on-year (YoY) fall in consolidated net profit at Rs 593.3 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, SBI Cards and Payment Services posted a net profit of Rs 626.9 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at Rs 3,911.9 crore during the period under review, up 26.2 percent against Rs 3,100.3 crore in the corresponding period of the preceding fiscal.

The interest income increased by 30 percent to Rs 1,804 crore year-on-year to Rs 1,387 crore in Q1 of FY23, while fees and commission income increased by 23 percent at Rs 1,898 crore in Q1 of FY24 against Rs 1,538 crore in Q1 of FY23.

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The gross non-performing assets (GNPAs) were at 2.41 percent of gross advances as of June 30, 2023, as against 2.24 percent as of June 30, 2022. Net non-performing assets (NNPAs) were at 0.89 percent as of June 30, 2023, as against 0.79 percent as of June 30, 2022.

As of June 30, 2023, SBI Cards Capital to Risk Assets Ratio (CRAR) was 22.9 percent compared to 24.7 percent as of June 30, 2022. The company's tier I capital was 20.3 percent as of June 30, 2023, compared to 21.5 percent as of June 30, 2022.

The company's total balance sheet size as of June 30, 2023, was Rs 47,916 crore as against Rs 45,546 crore as of March 31, 2023. Total gross advances (Credit card receivables) as of June 30, 2023, were Rs 43,271 crore, as against Rs 40,722 crore as of March 31, 2023. The net worth as of June 30, 2023, was Rs 10,496 crore as against Rs 9,902 crore as of March 31, 2023.

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The results came after the close of the market hours. Shares of SBI Cards and Payment Services Ltd ended at Rs 856.50, down by Rs 3.60 or 0.42 percent on the BSE.

First Published:Jul 28, 2023 6:55 PM IST