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SBI Cards and Payment Services (SBI Card) on Thursday reported an 8 per cent increase in net profit for the third quarter ended December 31, 2023 at ₹549 crore (₹510 crore).
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This company, which is country’s largest pure play credit card issuer, had recorded a net profit of ₹602 crore in the September 2023 quarter.
Total income for the quarter under review surged 30 per cent year-on-year at ₹4,742 crore (₹3,656 crore).
The company’s cards-in-force grew by 16 per cent at 1.85 crore as of Q3 FY24 compared with 1.59 crore as of Q3 FY23.
Card spends grew by 41 per cent at ₹96,860 crore in Q3 FY24 against ₹68,835 crore in Q3 FY23.
For the nine months period ended December 31,2023, net profit came in at ₹1,745 crore (₹1,662 crore)
Gross non-performing (GNPA) assets stood at 2.64 per cent of gross advances as of December 31, 2023, rising from 2.35 per cent as of March 31, 2023.
Net non-performing assets stood at 0.96 per cent as of December 31, 2023, against 0.87 per cent as of March 31, 2023.
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