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SBI Cards shares rise 5% post strong Q3 earnings

SBI Cards shares rise 5% post strong Q3 earnings

SBI Cards & Payment Services stock gained 4.9% intra day to Rs 854 against the previous close of Rs 814.10 on BSE.

SBI Cards share has lost 17.72% in one year and fallen 9.4% since the beginning of this year. SBI Cards share has lost 17.72% in one year and fallen 9.4% since the beginning of this year.

Share of SBI Cards & Payment Services rose 5% today after the arm of country's largest lender State Bank of India reported a 83.8 per cent rise in net profit for the quarter ended December 31.

SBI Cards & Payment Services stock gained 4.9% intra day to Rs 854 against the previous close of Rs 814.10 on BSE. The stock has gained after 7 days of consecutive fall. The share rose 4.9% to hit an intraday high of Rs 854 on BSE.

SBI Cards is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.  SBI Cards share has lost 17.72% in one year and fallen 9.4% since the beginning of this year. Total 1.64 lakh shares of the firm changed hands amounting to a turnover of Rs 13.63 crore on BSE. Market cap of the firm rose to Rs 79,290 crore on BSE.

The firm reported a profit of Rs 386 crore for the quarter ended December 31,  2021 against a net profit of Rs 210 crore in the year-ago period. Revenue from operations increased 20 per cent to Rs 2,889 crore against Rs 2,408 crore year ago. Total income increased 24 per cent YoY to Rs 3,140 crore.

Income rose primarily due to higher income from fees and services during the quarter, SBI Cards said. Asset quality of the firm improved as gross non-performing assets (NPAs) fell to 2.40% of gross credit as against 4.51% as of third quarter of 2020-21.

Published on: Jan 25, 2022, 1:58 PM IST
Posted by: Aseem Thapliyal, Jan 25, 2022, 1:51 PM IST