SBI Card Q3 profit rises 32% to Rs 509 crore, GNPA declines to 2.22%

Total Operating cost increased by 15 per cent at Rs 1,974 crore for the third quarter of FY23 from Rs 1,719 crore in FY22

SBI Cards
The net NPA too eased to 0.80 per cent from 0.83 per cent at the end of December quarter of previous financial year
Press Trust of India New Delhi
1 min read Last Updated : Jan 24 2023 | 4:22 PM IST

SBI Cards and Payment Services Ltd on Tuesday reported a 32 per cent rise in its December quarter net profit at Rs 509 crore.

The pure-play credit card company, promoted by SBI, had posted a net profit of Rs 386 crore during the corresponding period of the previous financial year.

The company's total income grew marginally to Rs 3,656 crore during October-December 2020, against Rs 3,140 crore in the year-ago period, it said in a regulatory filing.

Total Operating cost increased by 15 per cent at Rs 1,974 crore for the third quarter of FY23 from Rs 1,719 crore in FY22, it said.

Its gross non-performing assets (NPA) declined to 2.22 per cent during the quarter under review as against 2.40 per cent a year ago.

The net NPA too eased to 0.80 per cent from 0.83 per cent at the end of December quarter of previous financial year.

As a result, impairment losses and bad debts expenses decreased by 15 per cent at Rs 533 crore from Rs 625 crore in FY22.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :SBI CardQ3 results

First Published: Jan 24 2023 | 4:22 PM IST

Next Story