SBI Card's Q4 Net Profit Surges by 11% to Rs 662 Crore

Fees and commission income increased by 6 per cent to Rs 2,209 crore in the March quarter, SBI Card said in a statement.For the full 2023-24 fiscal, profit after tax PAT climbed 7 per cent to Rs 2,408 crore.

SBI Card on Friday reported an 11 per cent rise in profit after tax to Rs 662 crore for the quarter ended March 2024.

SBI Cards and Payment Services Ltd (SBI Card) had a profit of Rs 596 crore in the fourth quarter of 2022-23 fiscal.

Total revenue rose 14 per cent to Rs 4,475 crore in the fourth quarter of 2023-24, as against Rs 3,917 crore in the year-ago period.

Interest income grew by 28 per cent to Rs 2,139 crore in Q4 FY24. Fees and commission income increased by 6 per cent to Rs 2,209 crore in the March quarter, SBI Card said in a statement.

For the full 2023-24 fiscal, profit after tax (PAT) climbed 7 per cent to Rs 2,408 crore. The company had a profit of Rs 2,258 crore in fiscal 2022-23.

Total income increased by 22 per cent to Rs 17,484 crore in FY24, as against Rs 14,286 crore in FY23.

The size of the company's balance sheet as of March 31, 2024, was Rs 58,171 crore as against Rs 45,546 crore a year ago.

SBI Cards and Payment Services is a non-banking financial company that offers credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel and fuel, and banking partnerships cards along with corporate cards. The brand has a wide base of around 19 million cards in force as of the March quarter of FY24.

Shares of SBI Card closed at Rs 750.40 apiece, down 1.02 per cent over the previous close on BSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)