SBI Card To Raise Rs 3,000 Crore Via NCDs
MUMBAI: SBI Cards and Payment Services on Monday announced its board of directors has approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) to Rs 3,000 crore. The company plans to raise the funds in one or more tranches, on a private placement basis.
“We wish to inform that the Board of Directors of the Company, at its meeting held today, has, inter alia, approved raising of funds by way of issuance of Non-Convertible Debentures (NCDs) aggregating to Rs 3,000 Crores in one or more tranches, on private placement basis,” said SBI Cards and Payment Services in a regulatory filing to the Bombay Stock Exchange on Monday.
For the fourth quarter, the company reported a 2.7% year-on-year increase in net profit at Rs 596.5 crore. In the corresponding quarter last year, the company posted a net profit of Rs 581 crore. In the March quarter, total revenue stood at Rs 3,762.2 crore, up 32% against Rs 2,850.3 crore in the corresponding period of the preceding fiscal.
The gross non-performing assets (GNPAs) were at 2.35% of gross advances as of March 31, 2023, against 2.22% as of March 31, 2022. Net non-performing assets (NPAs) were at 0.87% as of March 31, 2023, against 0.78 percent as of March 31, 2022.