SBI Cards Q1 Results FY2023, PAT at Rs. 627 Crores

On 28th July 2022, SBI Cards announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- Total income at Rs. 3,263 Crores for Q1 FY23 vs Rs. 2,451 Crores for Q1 FY22

- Total Revenue increased by 33% YoY to Rs. 3,263 Crores

- Profit before tax increased by Rs. 431 Crores or 105% to Rs. 841 Crores for Q1 FY23 vs Rs. 410 Crores for Q1 FY22. 

- Profit after tax increased by 106% to Rs. 627 Crores for Q1 FY23 

Business Highlights:

- Total Balance Sheet size as of June 30, 2022 was Rs. 36,859 Crores as against Rs. 34,648 Crores as of March 31, 2022. 

- Total Gross Advances (Croresedit card receivables) as of June 30, 2022 were Rs. 33,215 Crores, as against Rs. 31,281 Crores as of March 31, 2022. 

- Net worth as of June 30, 2022 was Rs. 8,445 Crores as against Rs. 7,824 Crores as of March 31, 2022

- New accounts volume at 902K accounts for Q1 FY23 up by 48% vs. 609K accounts for Q1 FY22 

- Card-in-force grew by 19% to 1.43 Crores as of Q1 FY23 vs 1.20 Crores as of Q1 FY22 

- Spends grew by 79% at Rs. 59,671 Crores for Q1 FY23 vs Rs. 33,260 Crores for Q1 FY22 

- Market share Q1 FY23 (available till May’22) – Card-in-force at 18.4% (Q1 FY22: 19.2%). Spends at 18.6% for Q1 FY23 (Q1 FY22: 19.1%) 

- Receivables grew by 36% to Rs. 33,215 Crores as of Q1 FY23 vs Rs. 24,438 Crores as of Q1 FY22 

- The Gross non-performing assets were at 2.24% of gross advances as on June 30, 2022 as against 3.91% as on June 30, 2021. Net non-performing assets were at 0.79% as against 0.88% as on June 30, 2021.