Profitability of SBI Cards Q1 decreases by 22% to Rs 305 crore due to increased bad credit

SBI Cards and Payment Services Ltd (SBI Card) on Friday reported a 22 per cent drop in profits of $ 305 in the first quarter of June 30 due to high crime.The card company issued by the SBI reported a total profit of Rs 393 crore in the April-June quarter of the last financial quarter (2020-21).

Total SBI Card revenue during the quarter increased to Rs 2,451 crore compared to Rs 2,196 crore last year, SBI cards said in a file of control.In part, interest rates dropped to 1,153 crore from Rs 1,412 crore in the previous quarter, while revenue from services increased to Rs 1,099 crore from 668 rupees in the first quarter of 2020-21.

Another double coin came to 89 rupees from 43 rupees last year.Prior to the asset quality, the company’s underperformed assets doubled to 3.91 percent of the major development on June 30, 2021 compared to 1.35 percent on June 30, 2020.

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The total development (receipt of credit cards) was Rs 24,438 crore at the end of the June quarter compared to Rs 23,330 crore at the same time as the final fees.Card usage for the quarter of June increased to Rs 33,260 compared to Rs 19,085 crore over the same period of 2020-21.

Receivables increased by 5 per cent to Rs 24,438 crore from Rs 23,330 crore. Card-in force grew by 14 percent to 1.20 crore from 1.06 crore last year.According to the RBI’s monetary policy value, a company’s risk-priced value consisting of tiers I and tier II should not be less than 15 percent of its risk assets in the balance sheet and adjusted risk value – in the balance sheet.As of June 30, 2021, the company’s Capital Adequacy Ratio was 26.1 percent compared to 24.4 percent from June 30, 2020, it says.

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