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

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