In Q1FY21, the company recorded a net profit of Rs393cr, increasing by 13.8% from Rs346cr in the corresponding period of the previous year. While interest income jumped by 34.6% to Rs1,412cr in the quarter under review, as against Rs1,049cr a year ago same period.
During the quarter, finance cost dropped by 9% to Rs275cr compared to Rs302cr of Q1FY20. Meanwhile, total operating cost fell by 15.4% to Rs907cr from Rs1,073cr in the same quarter of the previous year.
However, total income decelerated to Rs2,196cr in the latest quarter from Rs2,304cr a year ago similar quarter.
Other key highlights of the financial performance as per the audit report:
- Card-in-force grew by 20% to 1.06cr vs 0.88cr as of Q1FY20
- Spends at Rs19,085crore for Q1 FY21 vs Rs30,174cr for Q1FY20
- Market share – Card-in-force at 18.3%; Spends at 19.6% (as of Apr’20)
- Receivables grew by 10% to Rs23,330crore vs Rs21,231cr as of Q1FY20
- Cost to Income ratio improved by 635bps to 47.2% vs 53.6% for Q1FY20
- GNPA improves by 133bps to 1.35% vs 2.68% for Q1FY20
- Accounts in moratorium went down to 1.5 lac in June 2020 vs 12.5 lac in May 2020
- Daily average spends improved to 76.5% of Pre COVID level for June 2020 vs 54.0% for May 2020
- New accounts acquisition improved from 80K in May 2020 to 181K in June 2020; stands at 57.6% of Pre COVID average daily acquisition
At around 10.41 am, SBI Cards stock was trading at Rs785.10 per piece higher by 4.43% on Sensex.