Latest News | SBI Card Q1 Profit Flat at Rs 594 Cr on Higher Impairment

New Delhi, Jul 26 (PTI) SBI Cards and Payment Services on Friday reported a net profit flat at Rs 594 crore in the first quarter of the current fiscal due to a rise in delinquencies.

The SBI-promoted card issuance company (SBI Card) reported a net profit of Rs 593 crore in the April-June period of the previous fiscal.

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The total income during the quarter rose to Rs 4,483 crore against Rs 4,046 crore a year ago, the company said in a regulatory filing.

Segment-wise, the interest income in the first quarter increased to Rs 2,243 crore from Rs 1,804 crore a year ago, while income from fees and commission remained almost flat at Rs 2,115 crore, it said.

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The company's gross non-performing assets rose to 3.06 per cent of gross advances as of June 30, against 2.41 per cent a year ago.

Similarly, net non-performing assets increased to 1.11 per cent from 0.89 per cent in the same quarter of FY24.

As a result, impairment losses and bad debt expenses increased by 53 per cent at Rs 1,101 crore in the first quarter compared to Rs 719 crore in the year-ago period.

The company's capital adequacy ratio also declined to 20.6 per cent at the end of June 30, 2024, against 22.9 per cent a year ago.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)