SBI Card Q4 net up 11% at ₹662 crore

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 SBI Cards and Payment Services (SBI Card), the country’s largest pure-play credit card issuer, on Friday reported an 11 per cent increase in net profit for the fourth quarter ended March 31, 2024, at ₹662 crore (₹596 crore). In the December 2023 quarter, SBI Card has recorded a net profit of ₹549 crore. 

Total income for the quarter under review increased 14 per cent at ₹4,475 crore (₹3,917 crore), latest filings with the stock exchanges showed.

For the fiscal year 2023-24, SBI Card reported a net profit of ₹2,408 crore, up 7 per cent over net profit of ₹2,258 crore recorded in FY23. Total income for the company during 2023-24 grew 22 per cent at ₹17,484 crore (₹14,286 crore).

The gross non-performing assets stood at 2.76 per cent of gross advances as of March 31, 2024, as against 2.35 per cent as of March 31,2023 . Net non performing assets were at 0.99 per cent as of March 31, 2024, as against 0.87 per cent as of March 31, 2023.