SBI Card Q1 Results

Massive Jump in Net Profit 106% to Rs. 627 crore

The SBI-backed card issuance firm posted a net profit of Rs 305 crore in the previous fiscal's April-June quarter (2021-22).

The company reported impairment losses and bad debt charges of Rs. 450 crore in Q1FY23, compared to Rs. 645 crore in Q1FY22 and Rs. 393 crore in Q4FY22.

In Q1FY23, revenue from operations was Rs. 3,100 crore, up 31 percent year on year and 9 percent quarter on quarter. Interest income was Rs. 1,387 crore in the first quarter of this fiscal year, up 20% year on year and 10% quarter on quarter.

SBI Card's net profit increased by 105.80 percent to Rs. 626.91 crore for the quarter ending June 30, 2022 (Q1FY23) from Rs. 304.61 crore in the same quarter last year.

PAT increased by 7.93% in Q1 from Rs. 580.86 crore in the previous quarter. In Q1FY23, revenue from operations was Rs. 3,100 crore, up 31 percent year on year and 9 percent quarter on quarter.

Interest income was Rs. 1,387 crore in the first quarter of this fiscal year, up 20% year on year and 10% quarter on quarter.

Earnings before credit costs increased by 22% to Rs. 1,291 crore in Q1FY23 compared to Rs. 1,056 crore in Q1FY22, and by 10% compared to Rs. 1,172 crore in Q4 FY22.

SBI's card-in-force climbed by 19% in the first quarter of FY23, to Rs. 1.43 crore, compared to Rs. 1.20 crore in Q1 FY22.

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