SBI Card

Stocks to Watch: Bajaj Auto, Cipla, Dr.Reddy's, Tata Elxsi and Tata Motors are some of the prominent companies to announce Q3 results on Wednesday.

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.

CLOSING BELL: Broader markets, too, turned tepid as Nifty MidCap 100 and Nifty SmallCap 100 indices declined up to 0.3 per cent

Monthly spending is more than Rs 1 trn again, led by the rising share of e-commerce transactions

SBI Card was exception as gains card base, market share

SBI Card has underperformed its peers amid company-specific/sector issues pertaining to market share, revolver share, and merchant discount rate (MDR)-related challenges

Stocks to watch today: Maruti Suzuki, Vedanta will report the July-September quarter (Q2FY23) results on Friday, October 28; SBI Card reported 52 per cent YoY jump in net profit Rs 526 crore in Q2FY23

Banking system saw a net reduction of close to 290,000 cards during this period, impacted by RBI norms warranting deactivation of cards that are inactive for a year

Powered by Tensor G2 processor, the Pixel 7 and Pixel 7 Pro are priced at Rs 59,999 and Rs 84,999, respectively. The smartphones go on sale in India from October 13

Spends decline 3% MoM but top Rs 1 trn for sixth consecutive month

Tokenisation is the replacement of an actual or clear card number with an alternative code called the "token"

SBI card shares of the lender were trading 4.2 per cent higher than the previous day's close at Rs 926.1

According to analysts, SBI Card and Paytm stand to gain the most if RBI agrees to levy 2% merchant discount rate (MDR) on RuPay-based credit cards linked to UPI

The pure-play credit card issuer had reported a net profit of Rs 175.42 crore in the same quarter of the previous fiscal year

Shares of SBI Cards and Payment Services on Tuesday gained nearly 5 per cent after the firm reported an 84 per cent jump in net profit for December quarter 2021

Its interest income rose by 9 per cent year-on-year to Rs 1,273 crore

SBI Cards and Payment Services on Monday reported 84 per cent jump in net profit at Rs 386 crore for December quarter 2021-22 on the back of healthy card spends, fall in bad loans and higher income

Market wrap: Sensex falls for a 3rd day, sheds 634 pts; Nifty holds 17,750

PTC India slumps 18% after 3 independent directors quit; SBI Card hits 52-week low; Mastek tumbles 11% on muted Q3 numbers; AGS Transact Technologies IPO subscribed 1.4 times on day 2

Market wrap: Sensex falls for a 3rd day, sheds 634 pts; Nifty holds 17,750

PTC India slumps 18% after 3 independent directors quit; SBI Card hits 52-week low; Mastek tumbles 11% on muted Q3 numbers; AGS Transact Technologies IPO subscribed 1.4 times on day 2

Tokenisation refers to masking the original card number by replacing it with a set of unique characters, termed as token, which secures the customer's card details when a transaction is under process