SBI Card net profit rises two-fold to ₹627 crore in first quarter

SBI Cards and Payment Services Ltd (SBI Card) on Thursday reported a two-fold rise in net profit to ₹627 crore in the first quarter ended June 30, due to a decline in delinquencies.

The SBI-promoted card issuance company had reported a net profit of ₹305 crore in the April-June quarter of the previous fiscal (2021-22).

Its total income during the quarter rose to ₹3,263 crore against ₹2,451 crore a year ago, SBI Cards said in a regulatory filing.

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Segment-wise, the interest income in the first quarter increased to ₹1,387 crore from ₹1,153 crore a year ago, while income from fees and commission rose to ₹1,538 crore compared to ₹1,099 crore.

On the asset quality front, the company’s gross non-performing assets declined to 2.24 per cent of gross advances as of June 30, 2022, against 3.91 per cent as of June 30, 2021.

Similarly, net NPA slipped to 0.78 per cent from 0.88 per cent a year ago.