SBI Cards and Payment Services has reported a 30% fall in net profit to ₹383 crore. File | Photo Credit: The Hindu
SBI Cards and Payment Services has reported a 30% fall in net profit to ₹383 crore for the third quarter ended December 2024 on rising delinquencies.
The pure-play credit card company, promoted by SBI, had posted a net profit of ₹549 crore during the corresponding period of the previous financial year.
Its total income grew marginally to ₹4,767 crore during the October-December quarter from ₹4,742 crore in the year-ago period, SBI Card said in a regulatory filing.
The company’s total operating cost declined by 13% to ₹2,107 crore for the third quarter of FY25 from ₹2,426 crore in the year-ago period, it added.
The gross non-performing assets (NPA) rose to 3.24% during the quarter under review against 2.64% a year ago.
Its net NPA too increased to 1.18% from 0.96% at the end of the December quarter of the previous financial year.
Impairment on financial instruments witnessed a 49% jump to ₹1,313 crore compared to ₹883 crore in the same quarter a year ago.
Published – January 28, 2025 11:12 pm IST
