NEW DELHI: SBI Card on Friday reported an 11% rise in net profit to Rs 662 crore for the quarter ending March 2024. SBI Cards and Payment Services Ltd (SBI Card) had a profit of Rs 596 crore in the fourth quarter of FY23.
Total revenue rose 14% to Rs 4,475 crore in the fourth quarter of FY24, compared to Rs 3,917 crore in the year-ago period. Interest income grew by 28% to Rs 2,139 crore in Q4FY24. For the full 2023-24 fiscal, profit after tax (PAT) climbed 7% to Rs 2,408 crore. The company had a profit of Rs 2,258 crore in fiscal 2022-23.
The size of the company’s balance sheet as of March 31, 2024, was Rs 58,171 crore as against Rs 45,546 crore in the same period last fiscal.
SBI Cards and Payment Services is an NBFC 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.