SBI Card Q4 results: Payment Services and SBI Cards declared an 11.05 percent increase in its net profit for Q4 FY24, reaching Rs 662.37 crore. In the same quarter of the previous fiscal year (2022-23), SBI Card recorded a profit of Rs 596 crore. Total revenue saw a 14 percent uptick to Rs 4,475 crore in Q4 FY24 compared to Rs 3,917 crore in the corresponding period last year.
The credit card arm of SBI highlighted a 28% surge in interest income to Rs 2,139 crore and a 6% growth in fees and commission income to Rs 2,209 crore during the January-March quarter.
For the entire fiscal year 2023-24, profit after tax (PAT) rose by 7 percent to Rs 2,408 crore, compared to Rs 2,258 crore in fiscal 2022-23. Total income for FY24 increased by 22 percent to Rs 17,484 crore from Rs 14,286 crore in FY23.
As of March 31, 2024, the company’s Gross NPA and Net NPA stood at 2.76 percent and 0.99 percent, respectively, compared to 2.35 percent and 0.87 percent, as of March 31, 2023.
As of March 31, 2024, the company’s balance sheet totaled Rs 58,171 crore, compared to Rs 45,546 crore a year prior. -SBI Card Q4 results
SBI Card’s shares closed at Rs 750.40 each on the BSE, marking a 1.02 percent decrease from the previous close.
On Thursday, SBI Card introduced three variations of its inaugural travel-centric core credit card, named ‘SBI Card MILES,’ offering tailored travel benefits. The three versions, namely SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES, are accessible through the Mastercard and RuPay networks.
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The joining fee and annual fee for SBI Card MILES ELITE are Rs 4,999 plus applicable taxes, while SBI Card MILES PRIME and SBI Card MILES have fees of Rs 2,999 and Rs 1,499 plus applicable taxes, respectively.
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