Shares of SBI Cards fell sharply in early trade on Monday as the company posted its earnings for the June quarter.
What Happened: The company’s net profits for the April-June period came in at 593.3 crore down 5% from the ₹626.9 crore profit it booked during the same period last year. The non-banking financial company’s revenue from operations stood at ₹3,911.8, up 26% from the year-ago period.
During the June quarter, the company’s cards in force grew 21% year-over-year to 1.73 crore. Interest income increased by 30% YoY to ₹1,804 crore, and income from fees and commissions grew 23% to ₹1,898 crore in the June quarter.
As of June 30, 2023, the Gross Non-Performing Assets (NPAs) accounted for 2.41% of the gross advances, which indicates a slight increase compared to 2.24% reported on June 30, 2022. Meanwhile, the Net non-performing assets were recorded at 0.89% on June 30, 2023, rising from 0.79% reported on June 30, 2022.
Price Action: SBI Card’s share price was 2.93% to trade at ₹832.05 as the markets opened on Monday.
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