SBI Card Q3 Results: Net profit growth at 32%, misses analysts' estimates
SBI Card Q3 Results: SBI Card reported a 32 per cent year-on-year increase in net profit to Rs 509 crore for the quarter ended December 2022, missing analysts' estimates.
SBI Card Q3 Results: SBI Cards and Payment Services — which issues credit cards under brand SBI Card — on Tuesday reported a net profit of Rs 509 crore for the quarter ended December 2022, up 32 per cent compared with the corresponding period a year ago, missing analysts' estimates. The SBI Card stock continued to reel under pressure after the earnings announcement.
According to Zee Business research, SBI Card was estimated to report a quarterly net profit of Rs 595 crore.
The credit card issuer's revenue increased 16 per cent on a year-on-year basis to Rs 3,656 crore, according to a regulatory filing.
SBI Card said growth in interest income as well as income from fees and services boosted its total revenue.
Credit card spends grew 24 per cent on a year-on-year basis to Rs 68,835 crore, SBI Card said.
The volume of new accounts increased 62 per cent to 16.3 lakh compared with the year-ago period.
The company's margin — a key measure of a business's profitability — decreased by 129 basis points to 13.93 per cent compared with the July-September period, according to the filing.
SBI Card's asset quality deteriorated sequentially, with gross non-performing assets as a percentage of total loans at 2.22 per cent at the end of the December quarter, up eight basis points compared with the previous three months. Its net non-performing assets came in at 0.8 per cent, up two basis points on a quarter-on-quarter basis, according to the company.
According to Zee Business research, the company was estimated to report sequential improvement in asset quality.
SBI Card shares ended lower by Rs 17.7 or 2.3 per cent at Rs 749.5 apiece on BSE after the release of quarterly numbers.
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