SBI Card Q4 Results 2022: Check consolidated net profit, revenue, interest income, dividend and other key highlights

SBI Card Q4 Results 2022: SBI Cards and Payment Services Ltd announced on Friday that its net profit for the quarter ending March 2022 increased by more than threefold to Rs 580.86 crore, as per PTI reported.

In the same quarter of the previous fiscal year, the pure-play credit card issuer generated a net profit of Rs 175.42 crore.

SBI Card reported in a regulatory filing that the company's overall income increased to Rs 3,016.10 crore in January-March 2021-22, up from Rs 2,468.14 crore in the same period of FY21, said PTI.

Interest income climbed to Rs 1,266.10 crore in the quarter under review from Rs 1,082.42 crore the year before, while fees and commissions income increased to Rs 1,426.81 crore from Rs 1,113.81 crore, according to the company.

According to PTI, the net profit for the entire financial year 2021-22 increased by 64 percent to Rs 1,616.14 crore, compared to Rs 984.52 crore in 2020-21.

Total revenue increased to Rs 11,301.52 crore in FY22 from Rs 9,713.58 crore the previous year.

As of March 31, 2022, the company's gross NPA (non-performing assets) and net NPA are 2.22 percent and 0.78 percent, respectively, compared to 4.99 percent and 1.15 percent during the same period a year ago, according to SBI Card.

The card company promoted by the country's largest lender SBI said that the company has a total expected credit loss on loan balances of Rs 1,094.12 crore as of March 31, 2022 (over Rs 1,654.55 crore as of March 2021). It includes a Rs 50.56 crore management overlay (versus Rs 296.94 crore a year ago), said PTI.

Furthermore, the company stated that in FY22, it took an early write-off of loan balances of Rs 304.73 crore (40,983 accounts) due to a change in the recovery expectation of a certain category of retail accounts in stage 3 (NPA).

"There is no impact of this change in the statement of profit and loss account as the same was fully provided under expected credit loss model including management overlay," it said.

Furthermore, the company stated that the RBI's November 2021 circular on prudential requirements on income recognition and asset classification with regard to advances has had no impact on its profit and loss account, said PTI.

SBI Card's board of directors has approved an interim dividend of Rs 2.50 per equity share for the fiscal year 2021-22, according to the company.

The company's stock ended the day on the BSE at Rs 829.75 a share, down 1.44 percent from its previous closing.