Companies

SBI Card net up 44% in FY19-20

Our Bureau New Delhi | Updated on May 08, 2020 Published on May 08, 2020

Board has declared 10 per cent interim dividend

SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a 44 per cent increase in net profit for the financial year ended March 31, 2020 at ₹1,245 crore (₹865 crore in FY18-19). For the fourth quarter ended March 31, the company reported a net profit of ₹84 crore (₹249 crore).

Excluding the Covid-19 impact, the profit after tax for fiscal 2019-20 would have been ₹1,662 crore, up 92 per cent over net profit of ₹865 crore in the previous fiscal, SBI Card said in a statement.

Considering the possible effects from the pandemic relating to Covid-19, the company has performed sensitivity analysis and based on current estimates created specific Covid-19 related provision of ₹489 crore for FY19-20. The Board of Directors have recommended an interim dividend of ₹1 (10 per cent) for 2020-21.

SBI Card, which is the country’s second largest credit card issuer, had in March tapped the public market with an Initial Public Offering.

Published on May 08, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.