Interest income increased by 26.3% to Rs 1,609 crore in Q3 FY23 as against Rs 1,273 crore recorded in the same period last year. Income from fees and services surged 29.5% to Rs 1,670 crore in the Q3 FY23 from Rs 1,457 crore posted in Q3 FY22.

Profit before tax surged 31.98% year on year to Rs 684.33 crore in the quarter ended 31 December 2022.

Finance costs increased by Rs 187 crore or 67.51% to Rs 464 crore in Q3 FY23 from Rs 277 crore reported in Q3 FY22. Total Operating cost stood at Rs 1,974 crore for Q3 FY23, up 15% as compared to Rs 1,719 crore in Q3 FY22.

Earnings before credit costs rose 6% to Rs 1,217 crore for Q3 FY23 versus Rs 1,144 crore for Q3 FY22. Impairment losses & bad debts expenses for Q3 FY23 declined 15% to Rs 533 crore as against Rs 625 crore recored in the same quarter a year ago.

New accounts volume was at 16,34,000 accounts for Q3 FY23 up by 62% compared with 10,08,000 accounts reported in Q3 FY22. Card-in-force grew by 21% to 1.59 crore as of Q3 FY23 as against 1.32 crore as of Q3 FY22. Spends grew by 24% at Rs 68,835 crore for Q3 FY23 from Rs 55,397 crore posted in Q3 FY22.

SBI Cards' receivables grew by 33% to Rs 38,626 crore as of Q3 FY23 as against Rs 29,129 crore as of Q3 FY22.

On asset quality front, the gross non-performing assets (GNPA) were at 2.22% of gross advances as on 31 December 2022 as against 2.40% as on 31 December 2021. Net non-performing assets (NNPA) were at 0.80% as at 31 December 2022 as compared to 0.83% as on 31 December 2021.

Return on Average Assets (ROAA) declined to 4.8% in Q3 FY23 as compared to 5% reported in Q3 FY22. Return on Average Equity (ROAE) improved to 22% in Q3 FY23 from 21.2% recorded in the corresponding quarter previous year.

The company's total balance sheet size as of 31 December 2022 was Rs 42,987 crore as against Rs 34,648 crore as of 31 March 2022. Total gross advances (credit card receivables) as of 31 December 2022 were Rs 38,626 crore, as against Rs 31,281 crore as of 31 March 2022. SBI Cards' net worth as of 31 December 2022 stood at Rs 9,530 crore as against Rs 7,824 crore as of 31 March 2022.

As of 31 December 2022, the company's CRAR was at 23.3% compared to 24.2% as of 31 December 2021. Tier I capital stood at 20.6% as of 31 December 2022 as against 21.3% as of 31 December 2021.

SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients.

Shares of SBI Cards and Payment Services slipped 2.31% to Rs 749.45 on the BSE.