SBI Cards and Payment Services Q3 Results FY2023, Net Profit at Rs. 509 crores

On 24th January 2023, SBI Cards and Payment Services announced its results for the third quarter of FY2023.

Key Highlights:

- Total income at Rs. 3,656 Crores for Q3 FY23
- Interest income increased by Rs. 336 Crores to Rs. 1,609 Crores for Q3 FY23
- Income from fees and services increased by Rs. 213 Crores to Rs. 1,670 Crores for Q3 FY23
- Other income decreased by Rs. 101 Crores to Rs. 149 Crores
- Finance costs increased by Rs. 187 Crores to Rs. 464 Crores for Q3 FY23 
- Profit before tax increased by Rs. 166 Crores or 32% to Rs. 684 Crores for Q3 FY23
- Profit after tax increased by Rs. 124 Crores or 32% to Rs. 509 Crores for Q3 FY23
- ROAA at 4.8% for Q3 FY23 
- ROAE at 22.0% for Q3 FY23 

Business Highlights:

- Total Balance Sheet size as of December 31, 2022 was Rs. 42,987 Crores
- Total Gross Advances (Credit card receivables) as of December 31, 2022 were Rs. 38,626 Crores
- Net worth as of December 31, 2022 was Rs. 9,530 Crores 
- The Gross non-performing assets were at 2.22% of gross advances as on December 31, 2022
-  Net non-performing assets were at 0.80% as at December 31, 2022 
- Company’s CRAR was 23.3%
- Capital Adequacy Ratio at 23.3%; Tier 1 at 20.6%
- New accounts volume at 1,634K accounts for Q3 FY23 up by 62%
- Card-in-force grew by 21% to 1.59 Crores as of Q3 FY23