SBI Cards' net profit up y-o-y by 106%; stock up by ~2.5%

29 Jul 2022 , 09:53 AM

SBI Cards and Payment Services Limited announced its results for the quarter ended June 30, 2022, and has reported exceptional performance during the quarter.

The company posted total revenue of Rs3,263 crore in Q1FY23, up by 33% yoy as compared to Rs2,451 crore in the previous corresponding quarter.

Earnings before credit costs reported a jump of 22% yoy at Rs1,291 crore for Q1FY23 as compared to Rs1,056 crore for Q1FY22 and up by 10% as compared to Q4FY22 at Rs1,172 crore.

Company logged a 106% yoy growth in PAT for Q1FY23 at Rs322 crore as against Rs627 crore in the previous corresponding quarter.

SBI Cards’ Gross non-performing assets stood at 2.24% of gross advances as on June 30, 2022, as against 3.91% as on June 30, 2021.

Net non-performing assets were reported at 0.79% against 0.88% as on June 30, 2021.

As of June 30, 2022, Company’s CRAR was 24.7% compared to 26.1% as of June 30, 2021.

NII was reported at Rs1,153 crore in Q1FY23, up by 20% against Rs1,266 crore in the previous corresponding quarter.

At around 9.55 AM, SBI Cards & Payment was trading at Rs952 per piece, up by Rs21.75 or 2.34% from its previous closing of Rs930.25 on the BSE. The scrip opened at Rs930.25 and has touched intraday high and low of Rs968.30 and Rs930.25 respectively.