SBI Cards Faces Profit Drop Amid Rising Delinquencies

SBI Cards and Payment Services reported a significant 30% fall in net profit for Q3 2024 due to increasing delinquencies. Despite a marginal rise in total income and a decline in operating costs, the company faced higher non-performing assets and a surge in financial instrument impairments.

SBI Cards and Payment Services has reported a 30% decline in net profit, falling to Rs 383 crore in the third quarter ending December 2024, a trend attributed to rising delinquencies.

The credit card company, a subsidiary of SBI, had previously recorded a net profit of Rs 549 crore during the same period the previous year, reflecting significant financial challenges.

Despite a slight increase in total income to Rs 4,767 crore and reduced operating costs, the firm faced an uptick in non-performing assets and impairments, highlighting ongoing financial pressures.

(With inputs from agencies.)