NEW DELHI: SBI Cards and Payment Services Ltd (SBI Card) has reported a 15% jump in net profit at Rs 603 crore for the second quarter of FY24 on higher income. The credit card company, promoted by State Bank of India (SBI), had reported a net profit of Rs 526 crore in the previous quarter a year ago. Total income of the bank in the second quarter of the current fiscal jumped 22% to Rs 4,221 crore, from Rs 3,453 crore a year ago, SBI Card said in a regulatory filing.
The interest income increased 28% to Rs 1,902 crore, while income from other sources increased 21% to Rs 2,186 crore.
The company’s asset quality slightly deteriorated with the gross non-performing assets rising to 2.43% of the gross advances as of September, from 2.14% a year earlier. Net NPAs (bad loans) also increased to 0.89% from 0.78% in the corresponding quarter of last year.