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Results
29-Apr-22
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Analysis
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SBI Cards & Payment Services
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Strong show
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SBI Cards
and Payment Services has posted robust 231% surge in the net profit to Rs 580.86
crore in the quarter ended March 2022 (Q4FY2022). The income from operation increased
22.91% to Rs 2850.31 crore in Q4FY2022. Overall OPM has increased to 32.28% in
Q4FY2022 from 15.66% in Q4FY2021, leading to 153.41% rise in operating profit
to Rs 919.98 crore. Other expenditure as a percentage of total income moved
down to 49.71% from 51.17% in Q4FY2022. The staff cost as a percentage of total
income declined to 4.23% from 5.44% in Q4FY2022. The provisions as percentage
of total income declined to 13.78% from 27.74% in Q4FY2022.
Other
income increased 11.17% to Rs 165.79 crore. Interest cost increased 9.73% to Rs
267.37 crore. Depreciation moved up 14.86% to Rs 39.18 crore. PBT moved up
232.43% to Rs 779.22 crore.
The
effective tax rate increased to 25.46% in Q4FY2022 compared to 25.16% in
Q4FY2021. Provision for tax was expense of Rs 198.36 crore, compared to Rs
58.98 crore. Profit after tax jumped 231.13% to Rs 580.86 crore.
Business highlights
ROAA
improved to 7.0% for Q4FY22 from 2.6% for Q4FY21. ROAE at 30.4% for Q4FY22 from
11.2% for Q4FY21.
Capital
Adequacy Ratio at 23.8% with Tier 1 at 21.0%.
New
accounts volume at 1002k for Q4FY22 up by 27% as compared to 791k for Q4FY21.
Card-in-force
grew by 16% to 1.38 crore as of Q4FY22 from 1.18 crore as of Q4FY21.
Total
spends grew by 51% to Rs 54134 crore in Q4FY22 from Rs 35943 crore in Q4FY21.
Market
share FY22 (till February 2022) - Card-in-force at 18.9% (FY21: 19.1%), Spends
at 19.2% (FY21: 19.4%); Transactions at 19.8% (FY21: 19.7%).
Receivables
grew by 25% to Rs 31281 crore as of Q4FY22 from Rs 25114 crore as of Q4FY21.
GNPA
at 2.22% as of Q4FY22 from 4.99% as of Q4FY21. NNPA at 0.78% as of Q4FY22 from 1.15%
as of Q4FY21. RBI restructured loan book stands at Rs 287 crore, less than 1 %
of receivables in Q4FY22.
Total
Management overlay provision at Rs 51 crore end March 2022.
Total
Balance Sheet size was Rs 34648 crore end March 2022 as against Rs 27013 crore end
March 2021.
Total
Gross Advances (Credit card receivables) end March 2022, were Rs 31281 crore,
as against Rs 25114 crore end March 2021.
Net
worth end March 2022, was Rs 7824 crore as against Rs 6374 crore end March
2021.
Financial Performance FY2022
The
income from operation of SBI Cards & Payment Services increased 14.85% to
Rs 10677.27 crore in FY2022. Overall OPM has increased to 25.51% in FY2022 from
22.30% in FY2021, leading to 31.38% rise in operating profit to Rs 2723.79
crore. The provisions as percentage of total income declined to 21.13% from
28.38% in FY2022. Other expenditure as a percentage of total income moved up to
48.94% from 44.03% in FY2022. The staff cost as a percentage of total income
declined to 4.43% from 5.29% in FY2022.
Other
income increased 49.66% to Rs 624.25 crore. There is 1.54% fall in interest
cost at Rs 1027.32 crore and 20.53% rise in depreciation to Rs 148.56 crore, Profit
before tax increased 64.09% to Rs 2172.16 crore. There is no extraordinary
item. After which, PBT increased 64.09% to Rs 2172.16 crore. The effective tax
rate declined to 25.60% in FY2022 compared to 25.63% in FY2021. Provision for
tax was expense of Rs 556.02 crore, compared to Rs 339.21 crore. Profit after
tax galloped 64.16% to Rs 1616.14 crore.
SBI Cards &
Payment Services : Standalone Results
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Particulars
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Income from Operations
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2850.31
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2319.01
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23
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10677.27
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9296.46
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15
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OPM (%)
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32.28
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15.66
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25.51
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22.30
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OP
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919.98
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363.04
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153
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2723.79
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2073.27
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31
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Other Inc.
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165.79
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149.13
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11
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624.25
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417.12
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50
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PBDIT
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1085.77
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512.17
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112
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3348.04
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2490.39
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34
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Interest
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267.37
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243.66
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10
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1027.32
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1043.40
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-2
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PBDT
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818.40
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268.51
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205
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2320.72
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1446.99
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60
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Depreciation
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39.18
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34.11
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15
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148.56
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123.26
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21
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PBT before EO
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779.22
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234.40
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232
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2172.16
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1323.73
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64
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EO
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT after EO
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779.22
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234.40
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232
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2172.16
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1323.73
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64
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Tax Expenses
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198.36
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58.98
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236
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556.02
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339.21
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64
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PAT
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580.86
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175.42
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231
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1616.14
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984.52
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64
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EPS (Rs)*
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24.6
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7.4
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17.1
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10.4
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* Annualised on
current equity of Rs 943.22 crore, Face value of Rs 10, Excluding
extraordinary items.
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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