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Results
28-Oct-23
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Analysis
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SBI Cards & Payment Services
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Healthy loan growth, pressure on margins and credit cost moderates
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SBI
Cards and Payment Services has posted 15% growth in the net profit to Rs 602.98
crore in the quarter ended September 2023 (Q2FY2024). The income from operations increased 24% to Rs
4087.33 crore for Q2FY2024, while other income of the company declined 14% to
Rs 134.05 crore. The total income increased 22% to Rs 4221.38 crore for
Q2FY2024.
Interest expenses
galloped 65% to Rs 604.86 crore. Operating expenses increased 12% to Rs 2018.78
crore, allowing the operating profits to improve 24% at Rs 1597.74 crore. The
cost-to-income ratio improved to 55.8% in Q2FY2024 from 58.2% in Q2FY2023.
Depreciation increased 21% to Rs 46.80 crore, while provisions jumped 36% to Rs
741.55 crore.
Profit before tax
increased 15% yoy basis at Rs 809.39 crore. Effective tax rate was steady at
25.5% in Q2FY2024 from 25.5% in Q2FY2023. Net Profit of the company increased
15% to Rs 602.98 crore for Q2FY2023.
Book value of the company stood at Rs 116.8 per
share, while the adjusted book value net of NNPA stood at Rs 112.6 end
September 2023.
Business Highlights
New accounts volume down
by 12% at 11.42 lakh in Q2FY24 against 12.95 lakh in Q2FY23
Cards-in-force grew by 21% YoY at
1.79 crore end September 2023 against 1.48
crore end September 2022.
Spends grew by 27% YoY at
Rs 79164 crore in Q2FY24 against
Rs 62306
crore in Q2FY23
Receivables grew by 19% YoY at Rs 45078
crore end September 2023 against Rs 37730 crore end September 2022.
Market share for
Card-in-force was at 19.2% (Q2FY23: 19.1 %) and spends 18.0% (Q2FY23: 17.8%).
The company has been #2 for
both, Cards-in-force and spends, in industry
Total Balance Sheet size
was at Rs 50388 crore end September 2023 as against Rs 45546 crore end
March 2023.
Net worth was at Rs
11130 crore end September 2023 as against Rs 9902 crore end September 2023.
The Gross non-performing
assets were at 2.43% of gross advances end September 2023, as against 2.35% end
March 2023. Net non-performing assets were at 0.89% end September 2023, as
against 0.87% end March 2023.
Company`s CRAR was 23.3% end
September 2023 compared to 23.1% end March 2023. Company`s Tier I capital was
20.8% end September 2023, compared to 20.4% end March 2023.
Financial
Performance H1FY2024
Total income increased
by 23% at Rs 8268 crore in H1FY24 against Rs 6716 crore in H1FY23. Interest
income increased by 29% at Rs 3706 crore in H1FY24 against Rs 2872 crore in H1FY23. Fees and
commission income increased by 23% at Rs 3872
crore in H1FY24 against Rs 3149 crore in H1FY23. Finance costs increased by 74%
to Rs 1176 crore in H1FY24 against Rs 676 crore in H1FY23. Total Operating cost
increased by 15% at Rs 4025 crore in H1FY24 against Rs 3497 crore in H1FY23. Earnings
before credit cost increased by 21% at Rs 3066 crore in H1FY24
against Rs 2543 crore in H1FY23. Impairment on financial instruments increased
by 47% at Rs 1460 crore in H1FY24 from Rs 996 crore in H1FY23. Profit
after tax increased by 4% to Rs 1196
crore in H1FY24 vs Rs 1153 crore in H1FY23.
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SBI Cards and Payment
Services : Results
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Income from operations
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4087.33
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3297.08
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24
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7999.00
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6397.37
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25
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13666.64
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10677.27
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28
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Other Income
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134.05
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156.24
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-14
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268.30
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318.79
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-16
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619.03
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624.25
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-1
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Total Income
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4221.38
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3453.32
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22
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8267.30
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6716.16
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23
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14285.67
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11301.52
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26
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Interest Expenses
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604.86
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367.71
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64
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1175.93
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676.09
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74
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1647.63
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1027.32
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60
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Other expenses
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2018.78
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1795.38
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12
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3930.85
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3419.51
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15
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7284.61
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5697.64
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28
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Gross profit
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1597.74
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1290.23
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24
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3160.52
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2620.56
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21
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5353.43
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4576.56
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17
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Depreciation
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46.80
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38.58
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21
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94.36
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77.74
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21
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163.81
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148.56
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10
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Profit before tax and
Provisions
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1550.94
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1251.65
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24
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3066.16
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2542.82
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21
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5189.62
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4428.00
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17
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Provisions and write
off
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741.55
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545.99
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36
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1460.12
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996.24
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47
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2159.05
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2255.84
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-4
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Profit before tax
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809.39
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705.66
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15
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1606.04
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1546.58
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4
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3030.57
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2172.16
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40
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Provision for tax
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206.41
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180.02
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15
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409.66
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394.03
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4
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772.10
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556.02
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39
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PAT
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602.98
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525.64
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15
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1196.38
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1152.55
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4
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2258.47
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1616.14
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40
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EPS (Rs)*
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25.5
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22.2
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25.3
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24.4
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23.9
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17.1
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Adj BV (Rs)
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112.6
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91.4
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112.6
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91.4
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100.2
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79.6
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* Annualised on
current equity of Rs 946.74 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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