SBI Card Declares ₹2.50 Interim Dividend; Reports Strong Q3 FY23-24 Results

20 Mar 2024 , 11:56 AM

SBI Cards and Payment Services (SBI Card) announced an interim dividend of ₹2.50 per equity share for the financial year 2023-24 on March 19, following a board meeting held on the same day.

The declared dividend constitutes a 25% payout per equity share, with a face value of ₹10 each.

According to the filing with the exchanges, the record date for determining the entitlement of the interim dividend is scheduled for March 28, 2024. Shareholders can expect the interim dividend to be credited to their accounts or dispatched on or before April 17, 2024.

SBI Card released its financial results for the third quarter of FY23-24 on January 25, 2024. In Q3FY23-24, the company reported an 8% increase in net profit, reaching ₹549 Crore compared to ₹509 Crore in the same period last year.

Total income for the third quarter of FY23-24 surged by 30% year-on-year, totaling ₹4,742 Crore, a significant rise from ₹3,656 Crore in the corresponding quarter of the previous fiscal year.

As of December 31, 2023, SBI Card’s gross non-performing assets (GNPAs) rose to 2.64% of gross advances from 2.35% as of March 31, 2023.

Net NPAs for the same period increased to 0.96% compared to 0.87% as of March 31, 2023.

Finance costs witnessed a significant spike of 50% in the December quarter of FY23-24 compared to the corresponding period of the previous fiscal year.

Total expenses during the third quarter of FY23-24 amounted to ₹4,004.01 Crore, a notable increase from ₹2,971.82 Crore in the same period of the previous fiscal year.

Cardholders’ aggregate spending experienced a substantial 41% surge, reaching ₹96,860 Crore in the reported third quarter of FY23-24.

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