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SBI Card Q1 results: Net profit rises 14% to Rs 393 crore

Interest income increased by Rs 363 crore, or 34.6%, to Rs 1,412 crore for Q1 from Rs 1,049 crore for Q1 FY20; company's income from fees and services stood at Rs 688 crore in Q1

twitter-logoBusinessToday.In | July 20, 2020 | Updated 17:23 IST
SBI Card Q1 results: Net profit rises 14% to Rs 393 crore
The company's capital to risk ratio for Q1 stood at 24.4 per cent vs 18.9 per cent as of June 30 last year

State Bank of India's subsidiary SBI Card has reported 14 per cent rise in net profit at Rs 393 crore in the April-June quarter compared to Rs 364 crore in the corresponding period last year. The company's total income stood at Rs 2,196 crore for Q1 FY21 compared to Rs 2,304 crore for Q1 FY20.

"SBI Card has offered moratorium on credit card dues to eligible borrowers in accordance with board approved policy. The company, based on current estimates, has decided to continue with additional management overlay on expected credit loss (EGL) amounting total Rs 489.25 crore created during the quarter and year ended March 31," SBI Card said.

The interest income increased by Rs 363 crore, or 34.6% to Rs 1,412 crore for Q1 from Rs 1,049 crore for Q1 FY20. The company's income from fees and services stood at Rs 688 crore in Q1 compared to Rs 916 crore in Q1FY20.

While finance costs decreased by Rs 27 crore, or 9 per cent, to Rs 275 crore for Q1 from Rs 302 core for Q1 FY20, its operating cost reduced by Rs 166 crore compared to Rs 907 crore in Q1FY20.

The company's impairment losses and bad debts expenses for the quarter stood at Rs 485 crore as against Rs 397 crore for Q1FY20. SBI Card's balance sheet stood at Rs 24,260 crore of June 30 against Rs 25,303 crore as of March 31, 2020.

The total gross advances (credit card receivables) as of June 30 were Rs 23,330 crore, an increase of 9.9 % from Rs 21,231 crore as of June 30, 2019. The card company's net worth as of June 30, 2020, was Rs 5,722 crore against Rs 5,413 crore as of March 31, 2020, a growth of 5.7 per cent.

The company's capital to risk ratio for Q1 stood at 24.4 per cent vs 18.9 per cent as of June 30 last year. SBI's gross non-performing assets were at 1.35 per cent of the gross advances as on June 30 as against 2.68 per cent as on June 30, 2019.

SBI Card share closed 1.32 per cent or Rs 9.95 up at Rs 765.90 today, compared to the previous day close of Rs 755.95 on the National Stock Exchange.

Also read: SBI Cards CEO resigns, Ashwini Tiwari to take charge in August

Edited by Manoj Sharma

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