SBI Card Q2 net up 15% at ₹603 crore

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SBI Cards and Payment Services Limited (SBI Card), the country’s largest pure-play credit card issuer, on Friday reported a 15 per cent year-on-year increase in net profit for the quarter ended September 30, at ₹ 603 crore.

The latest bottomline performance was higher than the net profit of ₹593 crore recorded in the June 2023 quarter.

For the quarter under review, total income grew 22 percent at ₹4,221 crore ( ₹3,453 crore). In the June 2023 quarter, total income stood at ₹ 4,046 crore. Other income for the second quarter ended September 30,stood at ₹ 134 crore (₹156 crore).

While the Card-in-force for the quarter under review grew 21 per cent Y-o-Y at ₹1.79 crore (1.48 crore in Q2 FY23), card spends grew 27 per cent Y-o-Y at ₹79,164 crore (₹62,306 Cr in Q2 FY23).

Card-in-force here refers to the total number of credit cards issued by SBI Card that are presently active and in use by cardholders. This metric reflects the size and reach of their cardholder base.

In the first half this fiscal, SBI Card’s net Profit grew 4 per cent to ₹1,196 crore (₹1,153 Cr). 

SBI Card’s market share for Card-in-force stood at 19.2 per cent (Q2 FY23: 19.1 per cent) and for Spends at 18.0 per cent (Q2 FY23: 17.8 per cent). 

For the quarter under review, SBI Card stood second in industry ranking for both, Card-in-force and spends.

Gross non-performing assets were at 2.43 per cent of gross advances as of September 30, 2023, as against 2.14 per cent as of September 30, 2022. 

Net non-performing assets were at 0.89 per cent as of September 30, 2023, as against 0.78 per cent as of September 30, 2022.