SBI Cards and Payments Services Ltd. saw muted growth in its net profit in the final quarter of FY23.
The pure-play credit card issuing firm's net profit rose 3% year-on-year during the quarter to Rs 596 crore. Its cards-in-force grew by 22% year-on-year to 1.68 crore in Q4 FY23, up from 1.38 crore in the previous year.
The firm also saw its asset quality deteriorate over the quarter with its gross non-performing asset ratio rising by 13 basis points sequentially to 2.35%. The firm's net non-performing asset ratio also increased from 0.80% in Q3 FY23 to 0.87% in Q4 FY23.
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SBI Cards' impairment losses and bad debt expenses surged by 60% year-on-year to Rs 630 crore in Q4 FY23 vs 393 crore in Q4 FY22. The firm's finance costs jumped by 90% year-on-year to Rs 507 crore in Q4 FY23, up from Rs 267 crore in Q4 FY22.
The firm's gross advances as of March 31, 2023, stood at Rs 40,722 crore, up 30% year-on-year from Rs 31,281 crore over the same period last year.
SBI Cards' total operating costs surged 26% year-on-year to Rs 1,980 crore in Q4 FY23 from Rs 1,577 crore in the final quarter of FY22.
Shares of SBI Cards closed 1.68% lower on Friday, with shares changing hands for Rs 771 apiece, as compared with a 0.84% rise in the benchmark Nifty.
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