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Results
26-Jan-24
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Analysis
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SBI Cards & Payment Services
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Credit cost remains higher
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SBI
Cards and Payment Services has posted 8% growth in the net profit to Rs 549.08
crore in the quarter ended December 2023 (Q3FY2024). Income from operations increased 32% to Rs 4620.87
crore for Q3FY2024, while other income of the company declined -19% to Rs 120.73
crore. The total income increased 30% to Rs 4741.60 crore for Q3FY2024.
Interest expenses
increased 50% to Rs 695.49 crore. Operating expenses moved up 23% to Rs 2374.83
crore, allowing the operating profits to improve 33% at Rs 1671.28 crore.
The cost-to-income ratio
was lower at 58.7% in Q3FY2024 from 60.6% in Q3FY2023. Depreciation increased 24%
to Rs 50.78 crore, while provisions surged 66% to Rs 882.91 crore.
Profit before tax increased
8% yoy basis at Rs 737.59 crore. Effective tax rate was steady at 25.6% in
Q3FY2024 from 25.6% in Q3FY2023. Net Profit of the company, after share in
profit of associates and non-controlling interest, improved 8% to Rs 549.08 crore
for Q3FY2023.
Book value of the company stood at Rs 122.1 per
share, while the adjusted book value net of NNPA stood at Rs 117.2 end December
2023.
Business Highlights
New
accounts volume declined 33% at 1096K in Q3FY24 as against 1634K in Q3FY23.
Cards-in-force
grew by 16% at 1.85 crore as of Q3FY24 as against 1.59 crore as of Q3FY23.
Spends
grew by 41% at Rs 96860 crore in Q3FY24 as against Rs 68835 crore in Q3FY23.
Receivables
grew by 26% at Rs 48850 crore in Q3FY24 as against Rs 38626 crore in Q3FY23.
Market
share for FY24 Card-in-force 18.9% (FY23: 19.7%), Spends 18.3% (FY23: 18.2%).
The
company ranks 2 for both, Cards-in-force and spends, in industry.
Impairment
on financial instruments increased by 66% at Rs 883 crore in Q3FY24 as against
Rs 533 crore in Q3FY23.
Profit
after tax increased by 8% at Rs 549 crore in Q3FY24 as against Rs 509 crore in
Q3FY23.
Total
Balance Sheet size end December 2023, at Rs 55576 crore as against Rs 45546
crore end March 2023.
Total
Gross Advances (Credit card receivables) end December 2023, at Rs 48850 crore,
as against Rs 40722 crore end March 2023.
Net worth end December 2023, at Rs 11724 crore as against
Rs 9902 crore end March 2023.
The Gross non-performing assets were at 2.64% of gross
advances end December 2023, as against 2.35% end March 2023. Net non-performing
assets were at 0.96% end December 2023, as against 0.87% end March 2023..
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. End December 2023,
Company`s CRAR was 18.4% with Tier 1 at 16.3% compared to 23.1% end March 2023.
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 16.3% end
December 2023, compared to 20.4% end March 2023.
ROAA was at 4.1% in Q3FY24 as against 4.8% in Q3FY23.
ROAE at 19.2% in Q3FY24 as against 22.0% in Q3FY23.
Financial
Performance 9MFY2024
The income from operations increased 27% to Rs 12618.44
crore for 9MFY2024, while other income of the company declined -17% to Rs
390.46 crore. The total income increased 25% to Rs 13008.90 crore for 9MFY2024.
Interest expenses jumped 64% to Rs 1871.40 crore. Operating expenses increased
18% to Rs 6305.72 crore, allowing the operating profits to improve 25% at Rs
4831.78 crore. The cost-to-income ratio was lower at 56.6% in 9MFY2024 from
58.0% in 9MFY2023. Depreciation increased 22% to Rs 145.13 crore, while
provisions surged 53% to Rs 2343.02 crore. Profit before tax rose 5% yoy basis
at Rs 2343.62 crore. Effective tax rate was steady at 25.5% in 9MFY2024 from
25.5% in 9MFY2023. Net Profit of the company, after share in profit of
associates and non-controlling interest, improved 5% to Rs 1745.48 crore for
9MFY2023.
SBI Cards and Payment
Services : Results
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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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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4620.87
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3507.12
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32
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12618.44
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9904.50
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27
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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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120.73
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149.03
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-19
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390.46
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467.83
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-17
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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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4741.60
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3656.15
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30
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13008.90
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10372.33
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25
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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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695.49
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464.28
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50
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1871.40
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1140.38
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64
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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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2374.83
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1933.47
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23
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6305.72
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5353.00
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18
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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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1671.28
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1258.40
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33
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4831.78
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3878.95
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25
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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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50.78
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41.03
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24
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145.13
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118.75
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22
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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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1620.50
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1217.37
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33
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4686.64
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3760.19
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25
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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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882.91
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533.04
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66
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2343.02
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1529.28
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53
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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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737.59
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684.33
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8
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2343.62
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2230.91
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5
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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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188.51
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174.87
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8
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598.14
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568.89
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5
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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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549.08
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509.46
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8
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1745.48
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1662.02
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5
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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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23.1
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21.4
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24.5
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23.3
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23.8
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17.0
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Adj BV (Rs)
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117.2
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96.8
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117.2
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96.8
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100.2
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79.6
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* Annualised on
current equity of Rs 950.76 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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