Net profit at SBI Card increases by 11% to Rs 662 crore
For the quarter ended in March 2024, SBI Card recorded an 11% increase in net profit to Rs 662 crore on Friday. The fourth quarter of FY23 had a profit of Rs 596 crore for SBI Cards and Payment Services Ltd (SBI Card).
In comparison to the same time last year, when total sales was Rs 3,917 crore, it increased 14% to Rs 4,475 crore in the fourth quarter of FY24. In Q4FY24, interest income increased by 28% to Rs 2,139 crore. During the whole fiscal year 2023–24, profit after tax (PAT) increased by 7% to Rs 2,408 crore. In the fiscal year 2022–2023, the firm had a profit of Rs 2,258 crore.
As of March 31, 2024, the company’s balance sheet was worth Rs 58,171 crore, compared to Rs 45,546 crore at the same time in the previous fiscal year.
An NBFC called SBI Cards and Payment Services provides a range of credit card products, including corporate, travel and fuel, rewards, lifestyle, and banking partnership cards, to both individual and corporate customers.
