SBI Cards Q2 Results FY2023, Net Profit at Rs. 526 Crores

SBI Cards Q2 Results FY2023
SBI Cards Q2 Results FY2023

Corporate Action
by Shreya Anaokar Last Updated: 2022-10-28T18:25:06+05:30

On 27th October 2022, SBI Cards and Payment Services Ltd announced its second quarter results for the period ending 30th September 2022. 

Q2FY23 Performance updates:

-  Total income at Rs. 3,453 crores for Q2 FY23. 
- Interest income increased by Rs. 311 Crores to Rs.1,484 Crores for Q2 FY23 
- Income from fees and services increased by Rs. 367 Crores to Rs.1,611 Crores for Q2 FY23 
- Other income increased by Rs. 37 Crores to Rs.156 Crores for Q2 FY23 
- Finance costs increased by Rs. 114 Crores to Rs. 368 Crores for Q2 FY23 
- Total Operating cost increased by 33% at Rs. 1,834 Crores for Q2 FY23
- Profit before tax increased by Rs. 242 Crores or 52.2% to Rs. 706 Crores for Q2 FY23 
- Profit after tax increased by Rs. 181 Crores or 52.5% to Rs.526 Crores for Q2 FY23 
- Total Balance Sheet size as of September 30, 2022 was Rs.41,581 Crores 
- Total Gross Advances (Credit card receivables) as of September 30, 2022 were Rs.37,730 Crores
- Net worth as of September 30, 2022 was Rs. 8,991 Crores 

SBI Cards Q2 Results FY2023 Video:

 

Business Highlights:

- The Gross non-performing assets were at 2.14% of gross advances as on September 30, 2022. Net non-performing assets were at 0.78%.
-  As of September 30, 2022, Company’s CRAR was 23.2% compared to 25.0% as of September 30, 2021.
- New accounts volume at 1,295K accounts for Q2 FY23 up by 36% vs. 953K accounts for Q2 FY22 
- Cards-In-Force grew by 18% to 1.48 Cr as of Q2 FY23
- Spends grew by 43% at Rs. 62,306 Crores for Q2 FY23 vs Rs. 43,560 Crores for Q2 FY22 
- Spends at 18.0% for H1FY23 
- Receivables grew by 41% to Rs. 37,730 Crores as of Q2 FY23 
 


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About the Author

Shreya Anaokar is a Content Writer at 5paisa. She has completed her Master’s in Finance and Graduation in Statistics from the University of Mumbai. 

Disclaimer

Investment/Trading is subject to market risk, past performance doesn’t guarantee future performance. The risk of trading/investment loss in securities markets can be substantial. Also, the above report is compiled from data available on public platforms.

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