India's SBI Card posts higher quarterly profit on asset quality boost
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Backed by the country's largest lender SBI, the credit-card firm said its profit after tax rose 19.5% to 6.64 billion rupees ($68.76 million) for the quarter ended June 30 Card spending rose as demand for credit remained strong after picking up in the second half of the previous year, driven by higher corporate spending and steady momentum in the retail segment, in line with analysts' expectations. Total revenue from operations rose 3.4% year-on-year to 50.41 billion rupees, driven by higher card spending SBI Card's total card spending rose 27% on-year to 1.18 trillion rupees. Cards-in-force, or the sum of all credit cards issued, rose 7% from last year to 22.6 million The company has steadily tightened credit underwriting over the last few quarters to tackle asset quality stress and higher delinquencies in credit cards. Gross non-performing assets were at 2.04% as of June-end, compared to 2.41% three months earlier Loan loss provisions and expenses dropped 13.6% quarter-on-quarter and 30% year-on-year to 9.48 billion rupees Credit costs, a measure of provisions for potential loan losses as a percentage of loans, dropped 301 basis points from a year earlier and 116 bps from the previous quarter to 6.5%. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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