Money & Banking

SBI Card net up 14% in Q1

Our Bureau. New Delhi | Updated on July 20, 2020

 

SBI Cards and Payment Services Limited (SBI Card) has reported a 14 per cent increase in net profit for the first quarter ended June 30 at ₹393 crore (₹346 crore).

The country’s second-largest credit card issuer had recorded a net profit of ₹83.54 crore in the quarter ended March 31,2020.

Total income for the quarter under review came in at ₹2,196 crore (₹ 2,304 crore). The total operating cost decreased 15.4 per cent to ₹907 crore (₹ 1,073 crore).

The decline in income from fees and services in Q1 to ₹668 crore (₹ 916 crore) was largely made good by the 34.6 per cent increase in interest income to ₹1,412 crore (₹1,049 crore).

While card-in-force grew 20 per cent to 1.06 crore (0.88 crore), spends for the quarter under review fell sharply to ₹19,085 crore (₹30,174 crore).

Published on July 20, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like