sbi cards 3fy24 performance: sbi cards third quarter results: net profit rose 8% year-on-year to Rs 549 crore.

SBI Cards posted a net profit of ₹549 crore for the quarter ended December 31, up 8 per cent from ₹590 crore in the same quarter last year due to higher non-interest and nuisance profits. Profit growth was hit by increased provisions for non-performing loans.

Interest income rose 29% to Rs 2,082 crore in December 2023 from Rs 1,609 crore a year ago. Non-interest income including fees and commissions also rose 34% to Rs 253.9 billion.

However, provisions for impairment rose 66% to Rs 883 crore in December 2023 from Rs 533 crore a year ago. Finance costs also rose 50 per cent to Rs 695 crore from Rs 464 crore a year ago, hampering profit growth. The company’s net profit fell 9% compared to the quarter ended September 2023 due to higher provisions and finance costs.

SBI Cards, the only listed pure play credit card company, recorded a 16% increase in valid cards to Rs. 1.85 crore from Rs. 1.59 billion, a 41% increase in spending to Rs. 96,860 crore from Rs. Last year, 68.835 billion won.

Total non-performing assets were higher than the 2.35% reported in March 2023, but improved to 2.64% in December 2023 from 3.07% a year ago.

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