SBI Card Q2 Outcomes: SBI Card Q2 Outcomes: Internet revenue grows 15% YoY to Rs 603 crore

SBI Playing cards and Fee Providers Ltd (SBI Card) on Friday reported a 15 per cent rise in internet revenue at Rs 603 crore for the quarter ended September on increased revenue. The pure-play credit score card firm, promoted by the nation’s largest lender State Financial institution of India (SBI), had reported a internet revenue of Rs 526 crore within the earlier quarter a yr earlier.

The entire revenue within the second quarter of the present fiscal rose 22 per cent to Rs 4,221 crore, from Rs 3,453 crore a yr in the past, SBI Card mentioned in a regulatory submitting.

The curiosity revenue grew 28 per cent to Rs 1,902 crore, whereas revenue from different sources jumped 21 per cent to Rs 2,186 crore.

There was slight deterioration within the firm’s asset high quality with the gross non-performing belongings rising to 2.43 per cent of the gross advances as of September, from 2.14 per cent a yr earlier.

Internet NPAs (unhealthy loans) additionally rose to 0.89 per cent from 0.78 per cent within the corresponding quarter of final yr.

On capital adequacy, the corporate mentioned the ratio was at 23.3 per cent on the finish of the second quarter, from 23.2 per cent on the finish of September 2022.

Internet price as of September 30, 2023, was at Rs 11,130 crore as in opposition to Rs 9,902 crore as of March 31, 2023, it mentioned.

Playing cards-in-force grew by 21 per cent 1.79 crore as of Q2 FY24, in opposition to 1.48 crore as of Q2 FY23.

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