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.