SBI Cards profit falls 22 per cent, loan recovery problem increases -nodvkj– News18 English

New Delhi. SBI Cards and Payment Services Ltd (SBI Cards and Payment Services Ltd) on Friday released the first quarter results of the current financial year. The company said that its net profit fell 22 percent to Rs 305 crore for the quarter ended June 30, 2021. The main reason for this is the increasing problem of loan recovery. SBI Cards had a net profit of Rs 393 crore in the corresponding period of the last financial year.

SBI Card said in the information given to the stock exchange that its income increased to Rs 2,451 crore during the April-June, 2021 quarter, from Rs 2,196 crore in the April-June, 2020 quarter. Its interest income declined to Rs 1,153 crore in the first quarter of the current financial year. It was Rs 1,412 crore in the same period of the previous financial year.

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89 crore income
At the same time, the income from fees and services increased to Rs 1,099 crore during this period. Which was Rs 668 crore in the first quarter of the last financial year. Other income also doubled to Rs 89 crore in the April-June 2021 quarter.

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Gross NPAs increased to 3.91 percent
Due to deterioration in asset quality of SBI Cards, its gross NPAs increased to 3.91 per cent in the June 2021 quarter from 1.35 per cent in the corresponding quarter of the previous financial year. The company’s gross advances (dues to credit card holders) at the end of the first quarter stood at Rs 24,438 crore as against Rs 23,330 crore at the same time last year. During this period, the company’s card spending stood at Rs 33,260 crore as against Rs 19,085 crore in the same period a year ago.

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