However, total income grew by 12.32% quarter on quarter to Rs 4741.60 crore in Q3 FY24.

As compared to Q3 FY23, the company’s net profit and total income were higher by 7.78% and 29.69%, respectively.

Profit before tax was at Rs 737.59 crore in the December quarter (down 8.87% QoQ and up 7.78% YoY).

Interest income increased 29% to Rs 2,082 crore in Q3 FY24 from Rs 1,609 crore in Q3 FY23. Non-interest income (fees, commission & others) grew by 34% to Rs 2,539 crore in Q3 FY24 from Rs 1,898 crore in Q3 FY23.

Finance costs climbed 50% YoY to 695 crore during the period under review. Total operating cost stood at Rs 2,426 crore in Q3 FY24, registering a growth of 23% YoY.

Impairment on financial instruments jumped 66% to Rs 883 crore in Q3 FY24 from Rs 533 crore in Q3 FY23.

The firm's return on average assets (ROAA) and return on average equity (ROAE) stood at 4.1% and 19.2%, respectively in the quarter ended 31 December 2023.

On 9-months basis, the NBFC’s net profit rose 5.02% to Rs 1745.49 crore on 25.42% jump in total income in 9M FY24 over 9M FY23.

On asset quality front, gross non-performing assets were at 2.64% of gross advances as of 31 December 2023 as against 2.35% as of 31 March 2023. Net non-performing assets were at 0.96% as of 31 December 2023, as against 0.87% as of 31 March 2023.

As of 31 December 2023, the company's CRAR was 18.4% compared to 23.1% as of 31 March 2023. Tier I capital was 16.3% as of 31 December 2023, compared to 20.4% as of 31 March 2023.

Total balance sheet size as of 31 December 2023 was at Rs 55,576 crore as against Rs 45,546 crore as of 31 March 2023.

Total gross advances (credit card receivables) as of 31 December 2023 stood at Rs 48,850 crore as compared with Rs 40,722 crore as of 31 March 2023.

Net worth as of 31 December 2023 was at 11,724 crore as against Rs 9,902 crore as of 31 March 2023.

SBI Cards and Payment Services is a non-banking financial company that offers extensive credit card portfolio to individual cardholders and corporate clients which includes lifestyle, rewards, travel & fuel, and banking partnerships cards along with corporate cards covering all major cardholders' segments in terms of income profile and lifestyle. The brand has a wide base of around 18.5 MM+ cards in force as of Q3 FY24.