Jammu Tawi: The Board of Directors of SBI Cards and Payment Services Limited approved the Company’s results for the Quarter ended September 30, 2024, at their meeting held on Tuesday, October 29, 2024.
Total Revenue increased by 8% YoY at ₹ 4,556 Cr in Q2 FY25 v/s ₹ 4,221 Cr in Q2 FY24
PAT at ₹ 404 Cr in Q2 FY25 v/s ₹ 603 Cr in Q2 FY24
ROAA at 2.7% in Q2 FY25 v/s 4.9% in Q2 FY24
ROAE at 12.5% in Q2 FY25 v/s 22.3% in Q2 FY24
Capital Adequacy Ratio at 22.1%; Tier 1 at 16.3%
Cards-in-force grew by 10% YoY at 1.96 Cr as of Q2 FY25 v/s 1.79 Cr as of Q2 FY24
New accounts volume at 904K in Q2 FY25 v/s 1,142K new accounts in Q2 FY24
Spends grew by 3% YoY at ₹ 81,893 Cr in Q2 FY25 v/s ₹ 79,164 Cr in Q2 FY24
Receivables grew by 23% YoY at ₹ 55,601 Cr in Q2 FY25 v/s ₹ 45,078 Cr in Q2 FY24
Market share for Q2 FY25 Card-in-force is at 18.5% (Q2 FY24: 19.2%), Spends is at 15.7% (Q2 FY24: 18.0%), #2 for Cards-in-force and #3 for spends, in industry
Total income increased by 8% at ₹ 4,556 Cr in Q2 FY25 v/s ₹ 4,221 Cr in Q2 FY24. This movement was a result of the following key factors:
Interest income increased by 20% at ₹ 2,290 Cr in Q2 FY25 v/s ₹ 1,902 Cr in Q2 FY24
Fees and commission income declined 2% at ₹ 2,131 Cr in Q2 FY25 v/s ₹ 2,186 Cr in Q2 FY24
Finance costs increased by 30% at ₹ 788 Cr in Q2 FY25 v/s ₹ 605 Cr in Q2 FY24 due to higher receivables.
Total Operating cost decreased by 3% at ₹ 2,011 Cr in Q2 FY25 from ₹ 2,066 Cr in Q2 FY24
Earnings before credit costs increased by 13% at ₹ 1,757 Cr in Q2 FY25 v/s ₹ 1,551 Cr in Q2 FY24
Impairment losses & bad debts expenses increased by 63% at ₹ 1,212 Cr in Q2 FY25 v/s ₹ 742 Cr in Q2 FY24
Profit after tax decreased by 33% at ₹ 404 Cr in Q2 FY25 v/s ₹ 603 Cr in Q2 FY24
Total Balance Sheet size as of September 30, 2024, was ₹ 61,872 Cr as against ₹ 58,171 Cr as of March 31, 2024
Total Advances (Net of provisions) as of September 30, 2024, were ₹ 53,596 Cr, as against ₹ 49,079 Cr as of March 31, 2024. Net worth as of September 30, 2024, was ₹ 13,161 Cr as against ₹ 12,156 Cr as of March 31, 2024.
