SBI Card bad loans surge amid pandemic
Amid financial stress among borrowers in view of the ongoing coronavirus pandemic, SBI Cards and Payments reported a rise in its gross non-performing assets (NPA) during the quarter ended September.
Amid financial stress among borrowers in view of the ongoing coronavirus pandemic, SBI Cards and Payments reported a rise in its gross non-performing assets (NPA) during the quarter ended September. The company`s gross NPA (GNPA), during the July-September quarter, was at 4.29 per cent, against 2.33 per cent from the same period of the last financial year.
Further SBI Cards, in its quarterly earnings, also said that its gross NPA for the period under review would have stood at 7.46 per cent if it had classified borrower accounts as NPA after August 31, 2020.
The Supreme Court, in an interim order on September 3 on a public interest litigation, had directed that accounts which were not declared NPA till August 31, would not be declared NPAs till further orders.
SBI Cards net profit for the quarter ended September stood at Rs 206 crore, down from Rs 381 crore during the same quarter of the last fiscal.
Shares of the company plunged on Friday. Its shares on the BSE closed at Rs 807.05, lower by Rs 46.30, or 5.43 per cent, from its previous close.
The story has been taken from a news agency
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.