SBI Cards Reports Robust Profit Growth in December Quarter

SBI Cards and Payment Services reported a 45% increase in profit to Rs 557 crore for the December quarter, aided by a rise in total income. The company's asset quality improved, with gross NPAs declining. However, net NPAs saw a slight increase, and operating costs rose by 23%.

SBI Cards and Payment Services recorded a notable rise in profit for the December quarter, reporting a 45% increase to Rs 557 crore. Last year, the corresponding quarter yielded a profit of Rs 383 crore, showcasing the company's financial growth.

The total income for the pure-play credit card company surged to Rs 5,353 crore from Rs 4,767 crore a year earlier, according to a regulatory filing. However, operating costs also saw a hike, rising by 23% to Rs 2,597 crore in the third quarter.

On the asset quality front, SBI Cards improved its gross non-performing assets (NPA), which fell to 2.86% from 3.24% in the previous year. The net NPA, however, rose to 1.28% from 1.18%. The company's net worth increased to Rs 15,424 crore, meeting the capital adequacy norms set by the RBI.

(With inputs from agencies.)