SBI Card and Payment Services have shared their latest financial results for the first quarter of the current fiscal, showing a net profit of ₹594 crore. Although the profit remained flat due to increased delinquencies, the total income for the quarter saw a rise to ₹4,483 crore. In terms of revenue, interest income saw a significant increase to ₹2,243 crore, while income from fees and commission stayed steady at ₹2,115 crore.
However, the company also faced challenges with asset quality, as gross non-performing assets rose to 3.06 per cent and net non-performing assets increased to 1.11 per cent. This led to a 53% increase in impairment losses and bad debt expenses, reaching ₹1,101 crore in the first quarter. Additionally, the capital adequacy ratio declined to 20.6 per cent compared to the previous year.
Overall, SBI Card is working towards managing these challenges and maintaining their financial stability. #SBICard #Q1Results #AssetQuality #FinancialResults #ImpairmentLosses #SEOoptimized #Delinquencies #SBI #CardIssuance
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