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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).
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