SBI Cards and Payment Services on Thursday reported a 52% year-on-year increase in its net profit for the three months ended September 30 to Rs 526 crore, led by an increase in revenue.
Total income was at Rs 3,453 crore, higher by 6% YoY, boosted by interest income, fees income and other income.
Card-in-force, or the number of cards issued and outstanding, grew 18% to 1.48 crore while spends surged 43% to Rs 62,306 crore. New accounts volume stood at 1.30 million for the quarter under review, up 36% YoY. Receivables grew 41% to Rs 37,730 crore.
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SBI Cards’ capital adequacy ratio stood at 23.2%, compared to 25.0% in the year-ago period.
Gross non-performing assets were at 2.14% of gross advances as on September 30, against 3.36% a year ago, while net NPAs were at 0.78%, compared with 0.91% a year ago.