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Results
28-Jul-22
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Analysis
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SBI Cards & Payment Services
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Strong loan growth, stable asset quality
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SBI
Cards and Payment Services has posted robust 106% surge in the net profit to Rs
626.91 crore in the quarter ended June 2022 (Q1FY2023). The consolidated income
from operations increased 31% to Rs 3100.29 crore for the quarter ended
December 2021, while other income of the company jumped 83% to Rs 162.55 crore.
The total income increased 33% to Rs 3262.84 crore for Q1FY2023.
Interest
expenses increased 35% to Rs 308.38 crore. Operating expenses increased 43% to
Rs 1624.13 crore, allowing the operating profits to improve 22% at Rs 1330.33 crore.
The cost-to-income ratio was higher at 55.0% in Q1FY2023 from 51.1% in
Q1FY2022. Depreciation increased 20% to Rs 39.16 crore, while provisions fell 30%
to Rs 450.25 crore. Profit before tax surged 105% yoy basis at Rs 840.92 crore.
Effective
tax rate eased to 25.4% in Q1FY2023 from 25.8% in Q1FY2022. Net Profit of the
company improved 106% to Rs 626.91 crore for Q1FY2023.
Book value of the company stood at Rs 88.8 per
share, while the adjusted book value net of NNPA stood at Rs 86.1 end June
2022.
Business highlights
New accounts volume
at 902K accounts for Q1FY23 up by 48% vs. 609K accounts for Q1FY22. Card-in-force
grew by 19% to 1.43 crore as of Q1FY23 from 1.20 crore as of Q1FY22.
Spends grew by 79% at
Rs 59,671 crore for Q1FY23 from Rs 33,260 crore for Q1FY22.
Market share Q1FY23
(available till May’22) – Card-in-force at 18.4% (Q1FY22: 19.2%).
Spends at 18.6% for
Q1FY23 (Q1FY22: 18.9%).
Receivables grew by
36% to Rs 33,215 crore as of Q1FY23 from Rs 24,438 crore as of Q1FY22.
GNPA at 2.24% as of
Q1FY23 from 3.91% as of Q1FY22; NNPA at 0.79% as of Q1FY23 from 0.88% as of Q1FY22.
Total Balance Sheet
size was Rs 36,859 crore end June 2022 as against Rs 34,648 crore end March 2022.
Net worth as of June
30, 2022 was Rs 8,445 crore as against Rs 7,824 crore as of March 31, 2022.
Company’s CRAR was
24.7% compared to 26.1% end June 2021. The tier I capital in respect of an
NBFC-ND-SI, at any point of time, is required to be not be less than 10%.
Company’s Tier I capital was 21.5% end June 2022 compared to 22.6% end June 2021.
Financial Performance FY2022
The
consolidated income from operations increased 15% to Rs 10677.27 crore for FY2022,
while other income of the company jumped 50% to Rs 624.25 crore. The total
income increased 16% to Rs 11301.52 crore for FY2022.
Interest
expenses declined 2% to Rs 1027.32 crore. Operating expenses increased 26% to
Rs 5695.83 crore, allowing the operating profits to improve 10% at Rs 4578.37 crore.
The
cost-to-income ratio rose to 55.4% in FY2022 from 52.2% in FY2021. Depreciation
increased 21% to Rs 148.56 crore, while provisions fell 16% to Rs 2257.65 crore.
Profit before tax surged 64% yoy basis at Rs 2172.16 crore.
Effective
tax rate eased to 25.6% in FY2022 from 25.6% in FY2021. Net Profit of the
company increased 64% to Rs 1616.14 crore for FY2022.
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SBI Cards and Payment
Services : Standalone Results
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2206 (3)
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2106 (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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3100.29
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2361.90
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31
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10677.27
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9296.46
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15
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Other Income
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162.55
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89.04
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83
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624.25
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417.12
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50
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Total Income
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3262.84
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2450.94
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33
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11301.52
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9713.58
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16
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Interest Expenses
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308.38
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229.01
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35
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1027.32
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1043.40
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-2
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Other expenses
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1624.13
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1135.31
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43
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5695.83
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4523.19
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26
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Gross profit
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1330.33
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1086.62
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22
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4578.37
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4146.99
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10
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Depreciation
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39.16
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32.64
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20
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148.56
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123.26
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21
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Profit before tax and
Provisions
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1291.17
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1053.98
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23
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4429.81
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4023.73
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10
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Provisions and write
off
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450.25
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643.68
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-30
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2257.65
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2700.00
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-16
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Profit before tax
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840.92
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410.30
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105
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2172.16
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1323.73
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64
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Provision for tax
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214.01
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105.69
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102
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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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626.91
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304.61
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106
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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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26.6
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12.9
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17.1
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10.4
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Adj BV (Rs)
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86.1
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68.0
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79.6
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62.9
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* Annualised on
current equity of Rs 943.29 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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