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SBI Card, the country’s largest pure-play credit card issuer, has reported a net profit of ₹175 crore for the fourth quarter ended March 31, 2021. This was 110 per cent more than the net profit of ₹84 crore recorded in the same quarter last fiscal.
The bottomline for the quarter under review was boosted by a sharp increase in other income, besides much lower provisioning for impairment and bad debts.
Total income for the quarter under review declined 2 per cent to ₹2,468 crore compared to ₹2,510 crore recorded in the same quarter last fiscal.
For the entire fiscal 2020-21, SBI Card’s net profit declined 21 per cent to ₹985 crore (₹1,245 crore).
Total income for the entire fiscal stood at ₹9,714 crore (₹9,752 crore).
Card in force grew by 12 per cent to 1.18 crore as of Q4 FY 21 compared to 1.05 crore as of Q4 FY20.
Spends grew by 11 per cent to ₹35,943 crore in Q4 FY21 compared to 32,429 crore in Q4 FY20, a company statement said.
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