SBI Card Reports 14% Rise in Q1 Net Profit

During the corresponding period of the last fiscal, it had logged a net profit of Rs 345.59 crore.

Written by: IANS

Published: July 20, 2020, 11:44 PM IST

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https://www.india.com/business/sbi-card-reports-14-rise-in-q1-net-profit-4090187/ Copy

Mumbai: SBI Cards and Payment Services on Monday reported a nearly 14 per cent rise in its net profit for the first quarter (April-June) of financial year 2020-21, at Rs 393.29 crore.

During the corresponding period of the last fiscal, it had logged a net profit of Rs 345.59 crore.

The company reported a 4 per cent year-on-year (YoY) growth in its revenue from operations at Rs 2,152.20 crore during the period under review.

In a statement, the company said that its capital-to-risks weighted assets ratio (CRAR) as of June 30, 2020, stood at 24.4 per cent compared to 18.9 per cent a year ago.

“The gross non-performing assets were at 1.35 per cent of gross advances as on June 30, 2020 as against 2.68 per cent as on June 30, 2019. The Provision Coverage Ratio was at 68.25 per cent as of June 30, 2020 as against 72.00 per cent as of June 30, 2019,” it said.