SBI Cards profit increases by 44 pc to Rs 1,245 crore

Mumbai (Maharashtra) [India], May 8 (ANI): SBI Cards and Payment Services Ltd on Friday reported a profit after tax of Rs 1,245 crore in 2019-20 (FY20), up 44 per cent from Rs 865 crore in the previous financial year.

Total income increased by Rs 2,465 crore or 33.8 per cent from Rs 7,287 crore for FY19 to Rs 9,752 crore for FY20, the company said in a statement.

Interest income moved up by Rs 1,266 crore or 35.4 per cent from Rs 3,576 crore to Rs 4,841 crore primarily due to a 29 per cent increase in the average amounts of credit card receivables in FY20 as compared to FY19.

Income from fees and services increased by Rs 907 crore or 29.5 per cent from Rs 3,072 crore to Rs 3,979 crore.

However, finance costs increased by 29 per cent from Rs 1,009 crore for FY19 to Rs 1,301 crore and total operating cost increased by 26 per cent from Rs 3,795 crore to Rs 4,781 crore.

Impairment losses and bad debts expenses for the year increased by 69 per cent from Rs 1,148 crore for FY19 to Rs 1,940 crore for FY20.

The gross non-performing assets were at 2.01 per cent of gross advances as on March 31 as against 2.44 per cent as on March 31 last year. The provision coverage ratio increased to 67.2 per cent as against 66.48 per cent last year. (ANI)