SBI Card Q4 results: Net profit rises 11% to ₹662 crore, revenue up 14% to ₹4,475 crore

The company’s revenue also soared over 14 per cent YoY to ₹4,475 crore in Q4 FY24 as compared to ₹3,917 crore in same period a year ago. This moment was led by interest income increased by 28 per cent at  ₹2,139 crore in Q4 FY24 vs  ₹1,672 crore in Q4 FY23.

Also read: HCL Tech Q4 Results: Net profit flat at ₹3,986 crore, revenue rises 7% YoY; 5 key highlights

The Gross non-performing assets (GNPA) were 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. 

In the fourth quarter of the financial year 2023-24, SBI Cards and Payment Services experienced a slight decline in its Return on Average Assets (ROAA), dropping from 5.4 per cent in the same quarter of the previous fiscal year to 4.7 per cent.

Similarly, the Return on Average Equity (ROAE) also witnessed a decrease, falling from 24.6 per cent in Q4 FY23 to 22.2 per cent in Q4 FY24. Despite these declines, the company maintained strong capital adequacy, with a Capital Adequacy Ratio of 20.5 per cent and Tier 1 capital at 16.5 per cent. These figures indicate the company’s robust financial position and its ability to meet regulatory requirements.

While the ROAA and ROAE saw a modest downturn, the capital adequacy metrics remained solid, suggesting resilience amidst changing market conditions. SBI Cards and Payment Services continues to uphold its stability and financial strength in the dynamic landscape of the financial services industry.

Also read: Bajaj Holdings Q4 results: Net profit doubles to ₹2716.1 crore, dividend declared

While finance costs surged by 43 per cent to ₹724 crore compared to ₹507 crore in the same period of the previous fiscal year, there was a significant decrease of 3 per cent in total operating costs, which amounted to ₹1,918 crore as opposed to ₹1,980 crore in the fourth quarter of FY23.

Earnings before credit costs also saw a substantial uptick, soaring by 28 per cent to ₹1,833 crore from ₹1,429 crore in Q4 FY23. However, there was a notable increase of 50% in impairment losses and bad debts expenses, reaching ₹944 crore in Q4 FY24 compared to ₹630 crore in Q4 FY23. These fluctuations highlight the dynamic financial landscape within the company, reflecting both challenges and opportunities in the market.

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Published: 26 Apr 2024, 06:26 PM IST