SBI Cards & Payment Services (SBI Card), a prominent credit card issuer in India, is expected to announce a decrease in its profit for the quarter ending March 31, 2024 (Q4 FY24). The company is scheduled to disclose its financial figures on Friday, April 26
SBI Card results:
The Card, the subsidiary of India’s largest lender, State Bank of India (SBI), based on total assets, is anticipated to report a profit of Rs 570 crore, down 4.5% from Rs 596.5 crore recorded in the corresponding quarter of the previous fiscal year.
This decline in profit is attributed to an increase in provisions on a year-on-year (YoY) basis. Net interest income (NII) is projected to surge by 21.9% to Rs 1,420 crore, compared to Rs 1,165.1 crore in the same period last year. Both gross and net non-performing assets (NPAs) are expected to rise sequentially, with GNPA estimated at 2.8% compared to 2.64% in the previous quarter, and NNPA estimated at 1% compared to 0.96% in the December quarter (Q3 FY24). T
he net interest margin (NIM) is estimated to be in the range of 10.8% to 11%, down from 11.3%. Advances are predicted to increase by up to 28%. Additionally, the research desk foresees a rise in the cost of funds and an increase in credit costs. Receivables are expected to grow by 25%.
