SBI Card Q1 Results: Net profit flat YoY at Rs 594 crore

SBI Card and Payment Services reported a profit after tax of Rs 594.45 crore for the quarter ended June 30, 2024, which was flat on a year-on-year basis, while witnessing a 10% fall on a quarter-on-quarter basis versus Rs 662.37 crore.

The revenue from operations for the reported quarter stood at Rs 4,359 crore, up 11% on YoY versus Rs 3,912 crore in the corresponding quarter of the last financial year. It was flat on a QoQ basis.

The interest income of SBI Card stood at Rs 2,243 crore in Q1FY25 up by 24% YoY and 5% QoQ.

The company's earnings before credit cost stood at Rs 1,900 crore, up 25% on a QoQ basis. It witnessed a 4% QoQ uptick.

The company reported April-June quarter provisions at Rs 132 crore up by 63% on a QoQ basis versus Rs 81 crore in Q4FY24.

It was up 36% on a YoY basis. Gross write-offs for the reported quarter stood at Rs 969 crore versus Rs 864 crore in Q4FY24, which was 12% higher. On the YoY basis, it was a 56% jump.

Company's gross non-performing assets (GNPA) was reported at 3.06% in Q1FY25 versus 2.76% in Q4FY24, a 30 bps QoQ uptick. On a YoY basis it was up by 65 bps.

Meanwhile, net non-performing assets (NNPA) was reported at 1.11% versus 0.99% in Q4FY24. It was higher by12 bps and 22 bps on a QoQ and YoY basis, respectively.

New accounts moderated in the current quarter at 9.04 lakh, down by 18% and 12% on a YoY and QoQ basis, respectively.

SBI Card's receivable in the reported quarter stood at Rs 52,705 crore. It was up 22% YoY and 4% on a QoQ basis.

Also Read: IndusInd Bank Q1 Results: Cons PAT rises 2% YoY to Rs 2,171 crore, NII jumps 11%

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