SBI Card Q3 Profit Down 30% on Higher Impairment

New Delhi, Jan 28 (PTI) SBI Cards and Payment Services has reported a 30 per cent fall in net profit to Rs 383 crore for the third quarter ended December 2024 on rising delinquencies.

The pure-play credit card company, promoted by SBI, had posted a net profit of Rs 549 crore during the corresponding period of the previous financial year.

Its total income grew marginally to Rs 4,767 crore during the October-December quarter from Rs 4,742 crore in the year-ago period, SBI Card said in a regulatory filing.

The company's total operating cost declined by 13 per cent to Rs 2,107 crore for the third quarter of FY25 from Rs 2,426 crore in the year-ago period, it added.

The gross non-performing assets (NPA) rose to 3.24 per cent during the quarter under review against 2.64 per cent a year ago.

Its net NPA too increased to 1.18 per cent from 0.96 per cent at the end of the December quarter of the previous financial year.

Impairment on financial instruments witnessed a 49 per cent jump to Rs 1,313 crore compared to Rs 883 crore in the same quarter a year ago.