SBI Card registers a growth of 105.80% in net profit 626.91 crore for the quarter ended June 30, 2022 (Q1FY23) as compared to 304.61 crore in the same quarter last year. Q1 PAT . up 7.93% from 580.86 crore in the previous quarter. stood on revenue from operations 3,100 crore in Q1FY23 growing at 31% yoy and 9% qoq. came in interest income 1,387 crore in the first quarter of this financial year, a growth of 20% year-on-year and 10% on a quarterly basis.
Earnings before credit cost increased by 22% 1,291 crore for Q1FY23 Compared to 1,056 crores for Q1FY22 and 10% higher than Q4 FY22 1,172 crore.
In Q1 FY23, SBI’s card-in-force grew by 19% to 1.43 crores versus 1.20 crores as of Q1 FY22. Spending increased by 79% 59,671 crore for Q1 FY23 33,260 crore for Q1 FY22.
In Q1FY23, the company posted loss losses and bad debt expenses 450 cr vs 645 crores for Q1 FY22 and 393 crores for Q4FY22.
By June 30, 2022, State Bank Of IndiaThe LED card service provider registered gross non-performing assets of 2.24% of the gross advances as against 3.91% as on June 30, 2021. Net non-performing assets stood at 0.79% as against 0.88% on June 30, 2021.
During the quarter, the total balance sheet of SBI Card was 36,859 crore as against 34,648 crore till March 31, 2022. Total Gross Advances (Credit Cards Receivable) as on 30th June, 2022 is Rs. 33,215 crore, as against 31,281 crore till March 31, 2022. Had net worth as on June 30, 2022 8,445 crore as against 7,824 crore till March 31, 2022.
As per the capital adequacy norms issued by RBI, the capital to risk ratio of the company consisting of Tier I and Tier II capital – Balance Sheet, and should not be less than 15% of the total risk-weighted assets of Risk – Adjusted Off-Balance Sheet items value. As on June 30, 2022, the CRAR of the company was 24.7%, as against 26.1% as on June 30, 2021.
SBI Card shares closed on BSE more than 924 each 35.25 or 3.97%. The market cap of the company is approx. 87,157.42 crore.
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