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Results
25-Jan-23
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Analysis
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SBI Cards & Payment Services
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High interest expenses and low fee income impacts bottomline
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SBI
Cards and Payment Services has posted 32% increase in the net profit to Rs 509.46
crore in the quarter ended December 2022 (Q3FY2023). The income from operations increased 21% to Rs 3507.12
crore for Q3FY2023, while other income of the company declined 40% to Rs 149.03
crore. The total income increased 16% to Rs 3656.15 crore for Q3FY2023.
Interest expenses galloped
68% to Rs 464.28 crore. Operating expenses increased 15% to Rs 1933.47 crore, allowing
the operating profits to improve 7% at Rs 1258.40 crore. The cost-to-income
ratio was higher at 60.6% in Q3FY2023 from 58.7% in Q3FY2022. Depreciation increased
11% to Rs 41.03 crore, while provisions fell 15% to Rs 533.04 crore.
Profit before tax surged
32% yoy basis at Rs 684.33 crore. Effective tax rate was steady at 25.6% in
Q3FY2023 from 25.6% in Q3FY2022. Net Profit of the company improved 32% to Rs 509.46
crore for Q3FY2022.
Book value of the company stood at Rs 100.0 per
share, while the adjusted book value net of NNPA stood at Rs 96.8 end December 2022.
Business Highlights Q2FY2023
New accounts volume at 1634 K accounts
for Q3FY23 up by 62% from 1008 K accounts for Q3FY22
Card-in-force grew by 21% to 1.59
crore as of Q3FY23 from 1.32 crore as of Q3FY22
Spends grew by 24% at Rs 68835 crore for
Q3FY23 from Rs 55397 crore for Q3FY22
Market share 9M FY23 (available till
November 2022) – Card-in-force at 19.3% (FY22: 18.7%). Spends at
18.0% (FY22: 19.2%)
Receivables grew by 33% to Rs 38626
crore as of Q3FY23 from Rs 29129 crore as of Q3FY22
GNPA declined 2.22% as of Q3FY23 from 2.40%
as of Q3FY22. NNPA at 0.80% as of Q3FY23 against 0.83% as of Q3FY22
Total Balance Sheet size was Rs 42987
crore end December 2022 as against Rs 34648 crore end March 2022.
Net worth was Rs 9530 crore end
December 2022 as against Rs 7824 crore as of March 2022.
The Gross non-performing assets were
at 2.22% of gross advances end December 2022 as against
2.40% end December 2021. Net
non-performing assets were at 0.80% end December 2022
as against 0.83% end December 2021.
As per the capital adequacy norms
issued by the RBI, Company’s capital to risk ratio consisting of tier I and
tier II capital should not be less than 15% of its aggregate risk weighted
assets on - balance sheet and of risk adjusted value of off-balance sheet
items.
As of December 2022, Company’s CRAR
was 23.3% compared to 24.2% end December 2021. The tier I capital in respect of
an NBFC-ND-SI, at any point of time, can’t be less than 10%. Company’s Tier I
capital was 20.6% end December 2022 compared to 21.3% end December 2021.
Financial
Performance 9MFY2023
The income from operations
increased 27% to Rs 9904.50 crore for 9MFY2023, while other income of the
company rose 2% to Rs 467.83 crore. The total income increased 25% to Rs
10372.33 crore for 9MFY2023. Interest expenses increased 50% to Rs 1140.38
crore. Operating expenses increased 29% to Rs 5353.00 crore, allowing the
operating profits to improve 15% at Rs 3878.95 crore.
The cost-to-income ratio increased
to 58.0% in 9MFY2023 from 55.3% in 9MFY2022. Depreciation rose 9% to Rs 118.75
crore, while provisions fell 18% to Rs 1529.28 crore.
Profit before tax surged 60%
yoy basis at Rs 2230.91 crore. Effective tax rate eased to 25.5% in 9MFY2023
from 25.7% in 9MFY2022. Net Profit of the company improved 61% to Rs 1662.03
crore for 9MFY2022.
SBI Cards and Payment
Services : Results
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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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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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3507.12
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2889.46
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21
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9904.50
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7826.96
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27
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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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149.03
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250.20
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-40
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467.83
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458.46
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2
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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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3656.15
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3139.66
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16
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10372.33
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8285.42
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25
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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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464.28
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276.81
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68
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1140.38
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759.95
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50
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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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1933.47
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1681.92
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15
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5353.00
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4160.20
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29
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5697.64
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4584.64
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24
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Gross profit
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1258.40
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1180.93
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7
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3878.95
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3365.27
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15
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4576.56
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4085.54
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12
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Depreciation
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41.03
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36.94
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11
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118.75
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109.38
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9
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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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1217.37
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1143.99
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6
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3760.19
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3255.89
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15
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4428.00
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3962.28
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12
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Provisions and write
off
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533.04
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625.48
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-15
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1529.28
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1862.95
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-18
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2255.84
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2638.55
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-15
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Profit before tax
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684.33
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518.51
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32
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2230.91
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1392.94
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60
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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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174.87
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132.74
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32
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568.88
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357.66
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59
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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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509.46
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385.77
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32
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1662.03
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1035.28
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61
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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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21.5
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16.3
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23.4
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14.6
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17.1
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10.4
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Adj BV (Rs)
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96.5
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75.8
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96.5
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75.8
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79.6
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62.9
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* Annualised on
current equity of Rs 945.7 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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