SBI Cards and Payment Services Q1 Result: Profit down 5% to Rs 593 crore
SBI Cards and Payment Services on Friday reported a 5 per cent drop in net profit to Rs 593 crore in the June quarter due to a rise in delinquencies.
SBI Cards and Payment Services on Friday reported a 5 per cent drop in net profit to Rs 593 crore in the June quarter due to a rise in delinquencies.
The SBI-promoted card issuance company (SBI Card) had reported a net profit of Rs 627 crore in the April-June period of the previous fiscal.
Its total income during the first quarter of the current fiscal rose to Rs 4,046 crore against Rs 3,263 crore a year ago, SBI Cards said in a regulatory filing.
Segment-wise, the interest income in the first quarter increased to Rs 1,804 crore from Rs 1,387 crore a year ago, while income from fees and commission rose to Rs 1,898 crore compared to Rs 1,538 crore last year.
The company's gross non-performing assets rose to 2.41 per cent of gross advances as of June 30, against 2.24 per cent a year ago. Similarly, net non-performing assets increased to 0.89 per cent from 0.78 per cent a year ago.
As a result, impairment losses and bad debt expenses increased 60 per cent at Rs 719 crore in the first quarter as compared to Rs 450 crore in the year-ago period. Capital adequacy ratio of the company stood at 22.9 per cent at the end of June 30 as against 24.7 per cent a year ago.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.