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Results
29-Apr-23
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Analysis
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SBI Cards & Payment Services
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Loan book rises 30%, high credit cost hits bottomline
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SBI
Cards and Payment Services has posted 3% increase in the net profit to Rs 596.47
crore in the quarter ended March 2023 (Q4FY2023). The income from operations increased 32% to Rs 3762.16
crore for Q4FY2023, while other income of the company declined 7% to Rs 154.41 crore.
The total income increased 30% to Rs 3916.57 crore for Q4FY2023.
Interest expenses galloped
90% to Rs 507.26 crore. Operating expenses increased 26% to Rs 1934.82 crore, allowing
the operating profits to improve 22% at Rs 1474.49 crore. The cost-to-income
ratio was higher at 56.8% in Q4FY2023 from 55.9% in Q4FY2022. Depreciation increased
15% to Rs 45.06 crore, while provisions jumped 60% to Rs 629.76 crore.
Profit before tax rose 3%
yoy basis at Rs 799.67 crore. Effective tax rate was steady at 25.4% in Q4FY2023
from 25.5% in Q4FY2022. Net Profit of the company improved 3% to Rs 596.47 crore
for Q4FY2022.
Book value of the company stood at Rs 103.9 per
share, while the adjusted book value net of NNPA stood at Rs 100.2 end March
2023.
Business Highlights
New accounts volume at 1371 K accounts
in Q4FY23 up by 37% against 1002K accounts in Q4FY22
Card-in -force grew by 22% YoY at 1.68
crore as of Q4FY23 against 1.38 crore as of Q4FY22
Spends grew by 32% YoY at V1686 crore
in Q4FY23 against Rs 54134 crore in Q4FY22
Receivables grew by 30% YoY at Rs 40722
crore in Q4FY23 against Rs 31281 crore in Q4FY22
Market share - #2 for both,
Cards-in-force and Spends, in industry for FY23 Card-in-force is at 19.7%
(FY22: 18.7%), Spends is at 18.2% (FY22: 19.2%)
Total Balance Sheet was Rs 45546 crore
end March 2023 as against Rs 34648 crore end March 2022.
Net worth was Rs 9902 crore end March
2023 as against Rs 7824 crore end March 2022.
The Gross non-performing assets were
at 2.35% of gross advances end March 2023 as against 2.22% end March 2022. Net
non-performing assets were at 0.87% end March 2023 as against 0.78% end March
2022.
CRAR was 23.1% end March 2023 compared
to 23.8% end March 2022. Tier I capital was 20.4% end March 2023 compared to
21.0% end March 2022.
Financial
Performance FY2023
The income from operations
increased 28% to Rs 13666.64 crore for FY2023, while other income of the
company fell 1% to Rs 619.03 crore. The total income increased 26% to Rs 14285.67
crore for FY2023. Interest expenses increased 60% to Rs 1647.63 crore.
Operating expenses increased 28% to Rs 7284.61 crore, allowing the operating
profits to improve 17% at Rs 5353.43 crore.
The cost-to-income ratio increased
to 57.6% in FY2023 from 55.5% in FY2022. Depreciation rose 10% to Rs 163.81
crore, while provisions fell 4% to Rs 2159.05 crore.
Profit before tax surged 40%
yoy basis at Rs 3030.57 crore. Effective tax rate eased to 25.5% in FY2023 from
25.6% in FY2022. Net Profit of the company improved 40% to Rs 2258.47 crore for
FY2023.
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SBI Cards and Payment
Services : Results
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2303 (3)
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2203 (3)
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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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3762.16
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2850.31
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32
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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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154.41
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165.79
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-7
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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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3916.57
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3016.10
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30
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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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507.26
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267.37
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90
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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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1934.82
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1537.56
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26
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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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1474.49
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1211.17
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22
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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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45.06
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39.18
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15
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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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1429.43
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1171.99
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22
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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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629.76
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392.77
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60
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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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799.67
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779.22
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3
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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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203.20
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198.36
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2
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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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596.47
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580.86
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3
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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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25.2
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24.6
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23.9
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17.1
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Adj BV (Rs)
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100.2
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79.6
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100.2
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79.6
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* Annualised on
current equity of Rs 946.07 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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