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SBI Cards Q3 PAT at Rs 509 crore on reduced NIM
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IANS | 25 Jan, 2023
Credit card major SBI Cards and Payment Services Ltd on Tuesday said it
closed Q3 of FY23 with a higher net profit of Rs 509.46 crore.
In
a regulatory filing, the company said for the quarter ended December
31, 2022, it had earned a total operational revenue of Rs 3,507.12 crore
(Q3FY22 Rs 2,889.46 crore) and a net profit of Rs 509.46 crore (Rs
386.77 crore).
However the after tax profit for the period under
review is lower than the Rs 525.64 crore profit the company had posted
for Q2 of this fiscal.
The company's gross non performing asset
(GNPA) and net NPA as of December 31, 2022 is 2.22 per cent and 0.80 per
cent, respectively, as against 2.40 per cent and 0.83 per cent,
respectively, as of December 31, 2021 and 2.22 per cent and 0.78 per
cent, respectively, as of March 31, 2022.
As of December 31,
2022, the company holds total expected credit loss on loan balances of
about Rs 1,272.88 crore (Rs 1,160.66 crore as of December 31, 2021)
which includes a management overlay of about Rs 6.59 crore (vs about Rs
162.34 crore of December 31, 2021), the company said.
SBI Cards
interest cost went up by 68 per cent year-on-year to Rs 464 crore and
its operational cost went up by 15 per cent year-on-year to Rs 1,974
crore.
The net interest margin (NIM) declined to 11.6 per cent
for the period under review compared to the previous quarter figure of
12.3 per cent.
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