SBI Cards and Payment Services Ltd (SBI Card) on Monday reported 14 per cent rise in its net profit for Q1FY21 quarter at Rs 393.29 crore, mainly due to higher interest income.
The SBI promoted company had reported a net profit of Rs 345.59 crore in April-June quarter of the fiscal ended March 2020.
The company reported a 4 per cent year-on-year (YoY) growth in its revenue from operations at Rs 2,152.20 crore during the period under review.
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Receivables grew by 10 per cent to Rs 23,330 crore from Rs 21,231 crore.
Card-in-force grew by 20 per cent to 1.06 crore from 0.88 crore a year ago, while the daily average spends improved to 76.5 per cent of pre-COVID levels in June 2020 compared to 54 per cent in May this year, it said.
In a statement, the company said that its capital-to-risks weighted assets ratio (CRAR) as of June 30, 2020, stood at 24.4 per cent compared to 18.9 per cent a year ago.
“The gross non-performing assets were at 1.35 per cent of gross advances as on June 30, 2020 as against 2.68 per cent as on June 30, 2019. The Provision Coverage Ratio was at 68.25 per cent as of June 30, 2020 as against 72.00 per cent as of June 30, 2019,” it said.
New accounts acquisition improved from 80,000 in May 2020 to 1,81,000 in June 2020; which stands at 57.6 per cent of the pre-COVID average daily acquisition, the company said.
Total income of SBI Card during the quarter fell 5 per cent to Rs 2,196 crore as against Rs 2,304 crore a year ago.
On capital adequacy, SBI Card said, the company’s capital to risk ratio consisting of tier I and tier II capital was 24.4 per cent compared to 18.9 per cent by June 2019, which was higher than the regulatory requirement.
Stock of SBI Card closed 0.48 per cent down at Rs 751.80 apiece on BSE.
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