SBI Card announces Q4FY23 results, total income jumps to Rs 3,916.57 crore

SBI Card Q4FY23 results: SBI Card announced its Q4 FY23 results on Friday, witnessing a jump in its total income to Rs 3,916.57 crore in Q4 FY23 against Rs 3,656.15 crore in the December quarter. However, the company recorded a rise of 30 per cent on a year-on-year basis, jumping from Rs 3016.10 crore in the correponding period last year. The company said that its PAT increased by 3% YoY at Rs 596 crore in the fourth quarter against Rs 581 crore in Q4FY22. However, SBI Card PAT for the December quarter was Rs 509 crore.   

Its total revenue from operations jumped from Rs 3,507 crore in the quarter edned December to Rs 3762 crore in the fourth quarter.

The company's earnings before credit costs also saw a jump of Rs 1,429 crore in Q4FY23 from Rs 1,217 crore in Q3.   

During the March quarter, the company's interest income increased by 32 per cent to Rs 1,672 crore in Q4FY23 against Rs 1,266 crore in the same quarter of the corresponding year. 

During the quarter ended March, SBI Card's fees and commission income increased 25 per to Rs 1,786 crore compared to Rs 1,427 crore in Q4FY22.

The company informed that its finance costs increased by 90 per cent to Rs 507 crore in Q4 FY23 compared to Rs 267 crore in Q4 FY22.

The company's total operating cost saw a jump of 26 per cent to Rs 1,980 crore in the fourth quarter from Rs 1,577 crore in the corresponding quarter last year.

While, its earnings before credit costs increased by 22 per cent to Rs 1,429 crore, impairment losses and bad debts expenses also soared 60 per cent to Rs 630 crore in the fourth quarter.