SBI Cards Q3 PAT at Rs 509 crore on reduced NIM

Chennai, Jan 24: Credit card major SBI Cards and Payment Services Ltd on Tuesday said it closed Q3 of FY23 with a higher net profit of Rs 509.46 crore. In a regulatory filing, the company said for the quarter ended December 31, 2022, it had earned a total operational revenue of Rs 3,507.12 crore (Q3FY22 Rs 2,889.46 crore) and a net profit of Rs 509.46 crore (Rs 386.77 crore).

However the after tax profit for the period under review is lower than the Rs 525.64 crore profit the company had posted for Q2 of this fiscal. The company’s gross non performing asset (GNPA) and net NPA as of December 31, 2022 is 2.22 per cent and 0.80 per cent, respectively, as against 2.40 per cent and 0.83 per cent, respectively, as of December 31, 2021 and 2.22 per cent and 0.78 per cent, respectively, as of March 31, 2022.

As of Dec 31, 2022, the company holds total expected credit loss on loan balances of about Rs 1,272.88 crore (Rs 1,160.66 crore as of Dec 31, 2021) which includes a management overlay of about Rs 6.59 crore (vs about Rs 162.34 crore of Dec 31, 2021), the company said.