SBI Cards and Payment Services on April 26 announced an 11.05 percent year-on-year (YoY) growth in its net profit for the March quarter of financial year 2023-24 at ₹596.47 crore, compared to the reported ₹596.47 crore. Reached Rs 662.37 crore.
The company’s revenue also grew by over 14 per cent to ₹4,475 crore in Q4FY24, compared to ₹3,917 crore in the same period a year ago. The moment was led by interest income rising 28 per cent to ₹2,139 crore in Q4FY24 from ₹1,672 crore in Q4FY23.
Gross non-performing assets (GNPA) stood at 2.76 percent of gross advances as of March 31, 2024, while it stood at 2.35 per cent as of March 31, 2023. Net non-performing assets as of March 31 stood at 0.99 per cent. 2024 as against 0.87 percent till March 31, 2023.
In the fourth quarter of financial year 2023-24, SBI Cards and Payment Services experienced a marginal decline in return on average assets (ROAA) to 4.7 percent from 5.4 percent in the same quarter of the previous financial year.
Similarly, return on average equity (ROAE) also saw a decline, falling from 24.6 percent in Q4FY23 to 22.2 percent in Q4FY24. Despite these declines, the company maintained strong capital adequacy with a capital adequacy ratio of 20.5 percent and Tier 1 capital of 16.5 percent. These figures reflect the company’s strong financial position and ability to meet regulatory requirements.
While ROAA and ROAE saw slight declines, capital adequacy metrics remained solid, indicating resilience amid changing market conditions. SBI Cards and Payment Services continues to maintain its stability and financial strength in the dynamic scenario of the financial services industry.
Earnings before credit costs also saw substantial growth, rising 28 per cent to ₹1,833 crore from ₹1,429 crore in Q4FY23. However, impairment loss and bad debt expense increased significantly by 50% to reach ₹944 crore in Q4 FY24 as against ₹630 crore in Q4 FY23.
SBI Card Q4 results: Net profit up 11% to ₹662 crore, revenue up 14% to ₹4,475 crore
