SBI Card Reports Strong Q2 Results with 15% Profit Rise and 21% Growth in Cards in Force

SBI Card

October 30, 2023

New Delhi, India

SBI Cards Q2 Results

SBI Cards and Payments Services Limited (SBI Card) has delivered a robust financial performance in the July-September quarter, featuring a notable increase in profits and impressive growth in cards in force. The company’s results demonstrate its resilience and strategic growth in India’s credit card and payments sector.

15% YoY Profit Growth

In its recently released Q2 results, SBI Card reported a 15% year-on-year (YoY) increase in its net profit, reaching Rs 603 crore compared to Rs 526 crore recorded in the same quarter of the previous fiscal year. This substantial profit growth reflects SBI Card’s ability to navigate market challenges and drive profitability.

21% Growth in Cards in Force

SBI Card witnessed a significant 21% YoY growth in the number of cards in force, reaching 1.79 crore during Q2FY24, compared to 1.48 crore during the same period in the year-ago quarter. This growth demonstrates the company’s ability to expand its customer base and increase its market reach.

Impressive Revenue Growth

The company reported a significant 22% growth in its revenues, which amounted to Rs 4,221 crore, compared to Rs 3,453 crore recorded during Q2FY23. This growth in revenues highlights SBI Card’s ability to generate substantial income, contributing to its financial strength.

Asset Quality and Capital Adequacy

SBI Card’s asset quality remained robust, with the gross non-performing assets at 2.43% of gross advances at the end of the September quarter, slightly higher than 2.35% as of March 31, 2023. The net non-performing assets were at 0.89% at the end of Q2FY24, compared to 0.87% at the end of the fiscal year 2023. The company’s capital adequacy ratio stood at 23.3%, higher than the 23.1% recorded at the end of the previous fiscal year.

Reliance Industries Reports Strong Q2 Performance Driven by Retail and Telecom Growth

Business Highlights

SBI Card experienced a 12% decline in the volume of new accounts, which reduced to 1,142,000 during the quarter under review from 1,295,000 during Q2FY23. However, the spending through SBI Card’s credit cards grew significantly, with a 27% YoY growth to Rs 79,164 crore from Rs 62,306 crore recorded during the same quarter in the previous fiscal year. The company’s market share of cards in force saw a marginal increase to 19.2% from 19.1% posted during the same quarter the previous fiscal year.

Read: Bharat Electronics Reports 33% Profit Surge in Q2 FY24

Positive Market Response

Investors responded positively to the news, with SBI Card‘s total income in the second quarter of the current fiscal rising by 22% to Rs 4,221 crore, from Rs 3,453 crore a year ago. The company’s interest income grew by 28% to Rs 1,902 crore, while income from other sources jumped by 21% to Rs 2,186 crore. Despite a slight deterioration in asset quality, SBI Card’s strong financial performance has been well-received in the market.

In conclusion, SBI Card’s Q2 results reveal a substantial 15% profit increase, robust growth in cards in force, and impressive revenue growth. The company’s ability to manage asset quality and maintain a strong capital position positions it as a key player in India’s credit card and payments industry.


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