Profit before tax surged 52% to Rs 705.66 crore in the second quarter as against Rs 464.13 crore recorded in the corresponding quarter previous year.

Finance costs increased by Rs 114 crore or 44.9% to Rs 368 crore in Q2 FY23 from Rs 254 crore reported in Q2 FY22. Total Operating cost stood at Rs 1,834 crore for Q2 FY23, up 33% as compared to Rs 1,383 crore in Q2 FY22.

Earnings before credit costs increased 18% to Rs 1,252 crore for Q2 FY23 versus Rs 1,058 crore for Q2 FY22. Impairment losses & bad debts expenses for Q2 FY23 declined to Rs 546 crore as against Rs 594 crore recored in the same quarter a year ago.

New accounts volume was at 12,95,000 accounts for Q2 FY23 up by 36% compared with 953,000 accounts for Q2 FY22. Card-in-force grew by 18% to 1.48 crore as of Q2 FY23 as against 1.25 crore as of Q2 FY22. Spends grew by 43% at Rs 62,306 crore for Q2 FY23 from Rs 43,560 crore reported in Q2 FY22.

SBI Cards' receivables grew by 41% to Rs 37,730 crore as of Q2 FY23 from Rs 26,741 crore as of Q2 FY22.

The gross non-performing assets (GNPA) were at 2.14% of gross advances as on 30 September 2022 as against 3.36% as on 30 September 2021. Net non-performing assets (NNPA) stood at 0.78% as against 0.91% as on 30 September 2021.

Return on Average Assets (ROAA) improved to 5.4% in Q2 FY23 as compared to 4.9% posted in Q2 FY22. Return on Average Equity (ROAE) stood at 24.1% in Q2 FY23 from 20.1% reported in the corresponding quarter previous year.

The company's total balance sheet size as of 30 September 2022 was Rs 41,581 crore as against Rs 34,648 crore as of 31 March 2022. Total gross advances (credit card receivables) as of 30 September 2022 were Rs 37,730 crore, as against Rs 31,281 crore as of 31 March 2022. SBI Cards' net worth as of 30 September 2022 stood at Rs 8,991 crore as against Rs 7,824 crore as of 31 March 2022.

As of 30 September 2022, company's CRAR was at 23.2% compared to 25% as of 30 September 2021. Tier I capital stood at 20.2% as of 30 September 2022 as against 21.8% as of 30 September 2021.

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

The scrip declined 4.89% to currently trade at Rs 815.70 on the BSE.