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%
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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%
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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