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SBI Cards Q4 net profit down by 66% to Rs. 84 crore

SBI Cards and Payment Services on Friday posted a 66% year-on-year (Y-o-Y) drop in net profit at Rs. 84 crore for the fourth quarter ended March 2020. It posted a net profit of Rs. 249 crore for the same period last year. 

Impairment losses and bad debts of the entity jumped more than 100% YoY to Rs. 838 crore in Q4FY20, up from Rs. 352 crore for the same period last year. 

Revenue from operations grew by 23% to Rs. 2,433 crore (Rs. 1,983 crore) during the latest quarter while revenue for the full year increased by 33% to Rs. 9,276 crore (Rs. 6,999 crore). 

Net profit for the full year grew by 44% to Rs. 1,245 crore (Rs. 865 crore). 

“The COVID-19 global pandemic has given rise to unprecedented challenges in the economic situation. Considering the possible effects from the pandemic relating to COVID-19, the Company has performed sensitivity analysis and based on current estimates have created specific COVID19 related provision of Rs. 489 crore,” SBI Card in a release. 

Total Balance Sheet of SBI Cards grew by 25.6% to Rs. 25,303 crore in FY20 as against Rs. 20,146 crore in the same period last year. Net worth on a YoY basis grew by 48% to Rs 5,413 crore (Rs. 3,659 crore) as of March 2020. 

Total Credit card receivables as of March 31, 2020 stood at Rs. 24,141 crore, an increase of 30.3% from Rs. 18,526 crore as of March 31, 2019. 

Asset quality of SBI Cards improved with gross non-performing assets (GNPA) of 2.01% of gross advances as on March 31, 2020 as against 2.44% in the previous year. 

SBI Cards also said that Board of directors have approved payment of interim dividend of Rs. 1 per equity share of the face value of Rs. 10 per equity share. 

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