SBI cards and payment services report strong Q4 performance

SBI Income from operations rose 15.6% in the year to Rs 4,347.72 crore from Rs 3,762.16 crore in Q4 FY23.

Profit Growth and NPA Metrics

SBI Cards and Payment Services announced an 11.05 percent increase in net profit for the March quarter of FY 2023-24, reaching Rs 662.37 crore compared to Rs 596.47 crore in the previous year. 

Additionally, the company reported Gross NPA and Net NPA figures of 2.76 percent and 0.99 percent, respectively, as of March 31, 2024, up from 2.35 percent and 0.87 percent, respectively, in the same period last year.

Credit Loss and Financial Stability

As of March 31, 2024, the company disclosed total expected credit losses on loan balances amounting to Rs 1,766.64 crores, indicating an increase from Rs 1,360.64 crores reported in the previous year. 

This highlights the company’s commitment to maintaining financial stability and managing credit risk effectively.

Revenue Growth and Operations

Also read: Rising cost of funds challenges Bajaj Finance

SBI Cards and Payment Services demonstrated robust revenue growth, with revenue from operations rising by 15.6 percent year-on-year to Rs 4,347.72 crore in the fourth quarter of FY23-24, compared to Rs 3,762.16 crore in Q4 FY23. 

This substantial increase underscores the company’s strong performance and market position in the payment services sector.

The financial results reflect SBI Cards and Payment Services’ resilience and strategic initiatives in navigating the evolving economic landscape. 

With a focus on profitability, risk management, and operational efficiency, the company remains poised for sustained growth in the dynamic financial services industry.