SBI Card Q4 results: Profit surges 11% to Rs 662 cr, total revenue rises 14%

SBI Cards and Payment Services on April 26 reported an 11.05 percent rise in its net profit at Rs 662.37 in Q4 FY24. SBI Card had a profit of Rs 596 crore in the fourth quarter of the 2022-23 fiscal. The total revenue rose 14 per cent to Rs 4,475 crore in the fourth quarter of 2023-24, as against Rs 3,917 crore in the year-ago period.

The SBI credit card arm said that its interest income surged by 28% to Rs 2,139 crore in the January-March quarter and its fees and commission income grew by 6% to Rs 2,209 crore in the fourth quarter.

For the full 2023-24 fiscal, profit after tax (PAT) climbed 7 per cent to Rs 2,408 crore. The company had a profit of Rs 2,258 crore in fiscal 2022-23.
Total income increased by 22 per cent to Rs 17,484 crore in FY24, as against Rs 14,286 crore in FY23.

The company's Gross NPA and Net NPA as of March 31, 2024, is 2.76 per cent and 0.99 per cent, respectively, as compared to 2.35 per cent and 0.87 per cent, respectively as of March 31, 2023.

The size of the company's balance sheet as of March 31, 2024, was Rs 58,171 crore as against Rs 45,546 crore a year ago.

Shares of SBI Card closed at Rs 750.40 apiece, down 1.02 per cent over the previous close on BSE. 

SBI Card on Thursday launched three variants of its first travel-focused core credit card, ‘SBI Card MILES’ with curated travel benefits. The three variants, SBI Card MILES ELITE, SBI Card MILES PRIME, and SBI Card MILES. The card is available on the Mastercard and RuPay network. 

The joining and annual fee for SBI Card MILES ELITE is Rs 4,999 plus applicable taxes, while SBI Card MILES PRIME and SBI Card MILES have a fee of Rs 2,999 and Rs 1,499 plus applicable taxes, respectively.