Gurugram-based credit card and payment solutions provider, SBI Cards and Payment Services reported a more than three-fold jump in its net profit for the quarter ended March 31, 2022 (Q4FY22). Year-on-year, revenue registered double-digit growth.
company Posted PAT of 580.86 crore in Q4FY22 – skyrocketed 3.3 times as compared to profit 175.4 crores were seen in the same period last year. Q4 PAT up 50.6% 385.78 crore recorded in the previous quarter.
stood on revenue from operations ₹ 850.31 crore up by 22.91% in Q4FY22 2,319.01 crore from the fourth quarter of the previous financial year. revenue was marginally lower ₹ 889.46 crore was seen in Q3FY22.
In particular, the total income increased by 548 cr or 22% to Q4 FY22 Vs. 3,016 crore for 2,468 crore for Q4 FY21, the increase is mainly on account of higher income from fees and services and interest income in Q4 FY22.
In addition, earnings before credit costs increased 233 cr or 25% to Q4 FY22 Vs. 1,172 crore for 939 crores for Q4 FY21.
Total operating cost increased 291 cr or 23% to 1,577 crore for Q4 FY22 from 1,285 crores for Q4 FY21, the increase is on account of higher business volumes in Q4 FY22.
The bank saw significant improvement in its asset quality during the quarter under review. Gross Non-Performing Assets stood at 2.22% of Gross Advances as on March 31, 2022, as against 4.99% as on March 31, 2021. Net non-performing assets stood at 0.78% as against 1.15% as on March 31, 2021. ,
Other key metrics are:
1. The volume of new accounts for Q4 FY22 stood at 1,002k which was up 27% as compared to 791k in Q4 FY21.
2. Card-in-force increased by 16% to 1.38 crores over Q4 FY22, 1.18 crores over Q4 FY21.
3. Total Spending Up 51% 54,134 crore in Q4 FY22 as against 35,943 crore in Q4 FY21.
4. Market share FY22 (up to Feb’22) – Card-in-force was at 18.9% (FY21: 19.1%), while spend was at 19.2% (FY21: 19.4%); and transactions at 19.8% (FY21: 19.7%).
5. Receivables increased by 25% Q4 FY22 Vs. 31,281 crore as 25,114 crore as of Q4 FY21.
6. RBI was on RE 287 crore – less than 1% of receipts in Q4 FY22.
For the full year of FY 2012, the net profit of the company was 1 vs 616.14 cr 984.52 crore in FY 2011 – a growth of 64.16% was registered. Meanwhile, revenue stood at Rs 10,677.27 crore, up 14.85 per cent 9,296.46 crore in FY21.
SBI Card said that as on March 31, 2022, the total expected credit loss on the loan balance with the company is 1,094.12 crore (vs. 1,654.55 crore as on March 31, 2021) which includes the management overlay of 50.56 crore (vs) 296.94 crore as of March 31, 2021).
SBI Card shares closed on Friday 829.75 each on the BSE, down 1.44%.