SBI Cards and Payment Services Limited reported its financial results for the quarter ended September 30, 2024.
The total revenue increased by 8% year-on-year, reaching ₹4,556 crore in Q2 FY25 compared to ₹4,221 crore in Q2 FY24. However, profit after tax (PAT) declined to ₹404 crore from ₹603 crore in the previous year’s Q2.
In terms of operational highlights, SBI Cards achieved a 10% year-on-year growth in its total cards-in-force, reaching 1.96 crore as of Q2 FY25 compared to 1.79 crore in Q2 FY24. While new account openings were lower, with 904,000 new accounts in Q2 FY25 compared to 1,142,000 in Q2 FY24, the overall spending volumes saw a steady 3% increase. Customer spending rose to ₹81,893 crore this quarter, up from ₹79,164 crore in Q2 FY24, indicating strong consumer engagement and usage. Receivables, representing outstanding dues, grew significantly by 23% year-on-year, amounting to ₹55,601 crore in Q2 FY25 compared to ₹45,078 crore in Q2 FY24.
On the balance sheet front, SBI Cards’ total balance sheet size stood at ₹61,872 crore as of September 30, 2024, marking an increase from ₹58,171 crore at the close of March 2024. The company’s total advances, net of provisions, reached ₹53,596 crore, up from ₹49,079 crore as of March 31, 2024. Additionally, SBI Cards reported a net worth of ₹13,161 crore as of September 30, 2024, reflecting a growth from ₹12,156 crore at the beginning of the fiscal year.
On October 30, 2024, SBI Card share price opened at ₹665.00, touching the day’s high at ₹688.45, as of 9:50 AM on the NSE.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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