SBI Card net down 52% in Q3

SBI Card, the country’s largest pure-play credit card issuer, on Thursday reported a 52 per cent decline in net profit for the third quarter ended December 31, 2020, at ₹ 210 crore (₹ 435 crore in same quarter last fiscal)

Total income for the quarter under review declined 1 per cent to ₹2,540 crore (₹2,563 crore). It maybe recalled that SBI Card had, in the previous quarter ended September 30, 2020, recorded a net profit of ₹ 206 crore.

For the nine months period ended December 31, 2020, the company has now reported a 30 per cent decline in net profit at ₹809 crore (₹ 1161 crore). Total income remained flat at ₹7,245 crore (₹7,242 crore).

A statement issued by the company said that SBI Card business has reached pre-Covid levels.

The gross non-performing assets were at 1.61 per cent of gross advances as on December 31, 2020, against 2.47 per cent as on December 31, 2019. Net non-performing assets were at 0.56 per cent against 0.83 per cent as on December 31, 2019. Proforma Gross NPA as on December 31, 2020, stood at 4.51 per cent, and Net NPA at 1.58 per cent.